When looking for a loan, it is helpful to know the difference between an experienced mortgage broker and a mediocre mortgage broker. Being a mortgage broker means more than having a business card that says so. An experienced mortgage broker is the person you need to help you sort through the maze of mortgage offers from several mortgage companies.
A broker should help you select the best financial solution for your situation and your goals. When it comes to loans, it isn’t one size fits all, there are many different loan options for different situations. In fact, a good broker will have many mortgage options to offer you, and he and she will help you decide which option is the best for you. He or she will use analytical tools to answer any question you may have regarding different mortgage options. Whereas, a mediocre broker will give you a quick answer without any forethought, whether it’s in the best interest of the client or not.
Another indication that a mortgage broker has your best interest in mind, is his or her ability and willingness to explain what a mortgage lock is and what it means to the borrower. A lock protects you against the volatility of mortgage rates.
When you interview various mortgage brokers, look for someone who is eager to listen to your personal needs and willing to understand your financial status and goals. This broker should be compassionate about any financial problems you may have had in the past, including credit issues, and should help create solutions to issues that you may have by finding the best mortgage for your circumstances.
The difference between a good, experienced mortgage broker and a mediocre broker is simple. Find a broker who will act in your best interests in dealing with lenders, title companies, and will provide full disclosure of all fees paid either by you or by the lender on your behalf. It is crucial that he or she is detailed in their work, because if they aren’t, many problems can arise at the client’s expense.
Above all else, a reliable and experienced broker should be completely open with you about the entire mortgage process. For more information regarding Jerry Stiles and home loans, visit the website or Facebook page!