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Thursday, 12 December 2019
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3 Key Questions to Ask Before Hiring a Mortgage Broker

Written by Posted On Tuesday, 23 July 2019 03:00

It's important to ask these questions before hiring a mortgage broker. Keep reading for 3 key questions to ask before hiring a mortgage broker.

Did you know 63 percent of homes in the United States have a mortgage?

With home prices on the rise, it’s easy to see why most prospective buyers are going in for home loans. Paying six figures in cash just isn’t a feasible thing for the average American.

So, how do you get the best deal on a mortgage? Well, it’s not a secret anymore. You need to have a mortgage broker on your team.

But with so many brokers out there, how do you find the right one?

Here are 3 key questions to ask before hiring a mortgage broker.

What Credentials Do You Have as a Mortgage Broker?

Buying a home is a fairly complex process with lots of legal paperwork involved.

A mortgage broker needs to be conversant with not only the mortgage application processes, but also have a firm grasp of the relevant laws and trends in the local real estate market.

This is why you need to know about a mortgage broker’s credentials before hiring. What kind of educational training do they have? Are they licensed to originate home loans in your state?

With a properly qualified and licensed broker working on your application, you’ll rest easy knowing they have the expertise to secure you the best deal and ensure your loan is approved.

What’s Your Experience?

Having the right qualifications and an occupational license alone doesn’t mean a mortgage broker is a good fit. Experience matters, too.

How many years have they been in the occupation?

Ideally, you want a professional who some skin in the game, because there are some aspects of the job that only come after several years of practice. For instance, to develop strong connections with several mortgage lenders and other industry players, a mortgage broker must have been in the industry for at least a couple of years.

With an experienced mortgage broker, you can count on them to leverage their network to get you the best mortgage offer.

How Is Your Application Process Like?

Mortgage application processes vary from broker to broker. This means you need to have a clear picture of a broker’s process before hiring. To know this, ask the following questions:

  • Do you have an online application portal?
  • What information do you need from me?
  • Are there any other third-parties involved in the processes?
  • What’s your average mortgage approval time?
  • What are your costs?

When you have answers to these questions, you’ll be in a good position to decide whether the broker will satisfy your needs. If you need a mortgage fairly quickly and the broker on your shortlist says it will take longer, then that isn’t the broker you need.

Hiring a Mortgage Broker Shouldn’t Be Difficult

The right mortgage broker will make the home acquisition process a breeze while an incompetent one will put a damper on your experience. Having read this guide on hiring a mortgage broker, we’re certain you’ll find a professional who will give you the best help.

All the best and keep browsing our blog for more on homeownership.

Did you know 63 percent of homes in the United States have a mortgage?

With home prices on the rise, it’s easy to see why most prospective buyers are going in for home loans. Paying six figures in cash just isn’t a feasible thing for the average American.

So, how do you get the best deal on a mortgage? Well, it’s not a secret anymore. You need to have a mortgage broker on your team.

But with so many brokers out there, how do you find the right one?

Here are 3 key questions to ask before hiring a mortgage broker.

What Credentials Do You Have as a Mortgage Broker?

Buying a home is a fairly complex process with lots of legal paperwork involved.

A mortgage broker needs to be conversant with not only the mortgage application processes, but also have a firm grasp of the relevant laws and trends in the local real estate market.

This is why you need to know about a mortgage broker’s credentials before hiring. What kind of educational training do they have? Are they licensed to originate home loans in your state?

With a properly qualified and licensed broker working on your application, you’ll rest easy knowing they have the expertise to secure you the best deal and ensure your loan is approved.

What’s Your Experience?

Having the right qualifications and an occupational license alone doesn’t mean a mortgage broker is a good fit. Experience matters, too.

How many years have they been in the occupation?

Ideally, you want a professional who some skin in the game, because there are some aspects of the job that only come after several years of practice. For instance, to develop strong connections with several mortgage lenders and other industry players, a mortgage broker must have been in the industry for at least a couple of years.

With an experienced mortgage broker, you can count on them to leverage their network to get you the best mortgage offer.

How Is Your Application Process Like?

Mortgage application processes vary from broker to broker. This means you need to have a clear picture of a broker’s process before hiring. To know this, ask the following questions:

  • Do you have an online application portal?
  • What information do you need from me?
  • Are there any other third-parties involved in the processes?
  • What’s your average mortgage approval time?
  • What are your costs?

When you have answers to these questions, you’ll be in a good position to decide whether the broker will satisfy your needs. If you need a mortgage fairly quickly and the broker on your shortlist says it will take longer, then that isn’t the broker you need.

Hiring a Mortgage Broker Shouldn’t Be Difficult

The right mortgage broker will make the home acquisition process a breeze while an incompetent one will put a damper on your experience. Having read this guide on hiring a mortgage broker, we’re certain you’ll find a professional who will give you the best help.

All the best and keep browsing our blog for more on homeownership.

 

 

Listing Additional Info

  • State: California
  • Address: 1842 Thunder Road
  • City: San Mateo
  • Zipcode: 94403
  • SOLD: no
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