Alright, you're finally ready to purchase your new home, refinance your current mortgage or refinance your commercial property. How do you go about finding the right broker? First of all you want to find an honest broker. How do you know if they are honest? Well, on this one you are going to have to go by your gut instinct. Does he seem like a slick willy or someone that explains everything in detail and doesn't mind if you have questions? Does he answer your questions completely or does he seem to hem & haw and never really answer the question that you asked?
Is he a licensed mortgage broker? Being licensed means that they have been tested on their knowledge of mortgages by the state and have passed the state exam. They have also had their background checked out. In most states they will also have had to complete and pass mortgage broker classroom instruction to even be able to take the state exam. If they are licensed you know they at least have knowledge of mortgages even if they are just starting out in the business. Although these days there are more mortgage brokers getting out of the business than coming in.
If the mortgage broker is licensed you may also check with the state that they are licensed in to see if their license is still valid and to see if they have had any complaints filed against them. By checking with the state licensing department you will also be able to see if they have ever been disciplined by the state. If they are not licensed by the state or have been disciplined by the state you should look for another broker.
Ask the mortgage broker what banks they are approved with. Keep in mind that the more brand names they are approved with the better because the major banks and lenders go through a stringent approval process and applicants with shady histories or even poor credit are not usually approved. Whereas the smaller lenders are more likely to approve applicants without checking much of their background. This is true even if the broker you are looking at isn't the owner of the company. If a mortgage company isn't approved with some brand name banks they have something in their past keeping them from being approved.
Are they offering something that sounds to good to be true? If so, it probably is. If you've talked to several mortgage brokers and they have all quoted basically the same thing and then you have a broker that is offering you the world you should again run the other way. There are brokers out there that still work off of the old switch and bait. They offer you something great upfront but once it is time to close the loan the rate or terms have changed. If this happens you should walk away and find another broker. Keep in mind on an owner occupied refinance you still have 3 full business days to change your mind once you sign the final paperwork at the closing. If it is a purchase or is an investment property refinance your loan will fund the same day so make sure you understand the paperwork you sign.
If the mortgage broker tells you not to make your mortgage payment that month because you are going to close your loan I would suggest that you put the money away in case you need to make the mortgage payment because the loan doesn't close on time. Don't spend it. If you hold onto the mortgage payment money you won't have to worry if the loan doesn't close by the end of the month. You can just call your current mortgage company and make the payment over the phone or online. You do not want any 30 day lates on your credit report. I have heard horror story after horror story on this one, so please heed my advice.
Check with the better business bureau where the broker is located to check for any complaints. Again any complaints that have not been resolved should be a red flag and look for another mortgage broker.
You may also research their name online. A lot of times if a client is unhappy with a mortgage broker or company they can post their complaint online at a website that is set up just for consumer complaints. Most of these sites offer the person or company that the complaint is filed against to provide a response so it isn't one sided. Check with your friends and neighbors too as they may have used someone that they were happy with in the past. Again, they may also be able to tell you what brokers to stay away from too.
In closing, your best bet is your gut instinct but please use the other resources that I've mentioned so that you can have a great mortgage experience. Remember, don't be pressured into anything. If the broker is talking fast and not providing concrete answers look for another mortgage broker.
Sandra Sheely is President of First Financial Mortgage, Inc. in Sunrise, FL. She has been in the Real Estate Industry for 12 years with experience in the mortgage industry and title industry. She has a couple of Mortgage websites. http://www.ffinancialmortgage.com and http://www.lowestraterefi.com She writes a mortgage blog on her mortgage websites. She has a credit repair website at http://firstfinancial.fixcreditbiz.com/
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