What to Look for in a Mortgage Broker

There are thousands of thousands of licensed mortgage brokers in the United States. They represent private banks, public banks, investors and lending institutions both large and small. However, all mortgage brokers are not created equal. Here's what you should look for:

1. A top mortgage broker will communicate the ins and outs of the mortgage process.

A good broker will not spring surprises on you in the form of extra or hidden costs. They will take the time to clearly lay out what steps need to be followed in order for them to best serve your needs. You should have at least an approximate timeline for how long your mortgage application will take before you hear a decision back.

2. A top broker will always be available.

Your broker should not be difficult to get a hold of. If you leave your broker a message then you should be receiving a return call within the next couple of hours. You should not feel as if you are not an "important client" of your broker and get second rate treatment.

3. A top broker is concerned with more than just "selling you".

You should not ever get the feeling that your broker is just telling you what you want to hear so as to win your business. A good broker should tell you the pros and cons of potential options and be honest, upfront and straightforward with you. You should be able to expect objective and independent advice. You should not feel as if you are under any type of pressure to say "Yes" or choose a particular program.

4. A top mortgage broker is helpful.

Yes, this looks like an obvious one but finding the best loan program to fit your needs can involve a certain amount of pressure at times and you want someone helpful and friendly to assist you – not someone who will slow you down and add even more pressure to the situation.

5. A top mortgage broker works with more than just one lender.

If your broker is limited to working with only one or two lenders then they will definitely attempt to serve your best interests as their options (and yours in turn) are strictly limited.

Hold all mortgage brokers to the highest standard in helping you secure a home loan or commercial loan. Speak with a top Florida mortgage broker and compare multiple lenders. Do your research and the mortgage homework you put in now will pay off in the future!

Source by Joel Ohman

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