Finding a qualified mortgage broker should begin with asking friends, family or real estate agents for referrals and recommendations. However, just because someone else has used that particular mortgage broker doesn’t guarantee they are the right fit for you; rather, take time to research potential brokers on your own so that you can be certain they will meet all of your needs.

Mortgage Brokers and Lenders
A mortgage broker is an intermediary who seeks to match you with the most suitable loan and lender based on your individual financial situation. They will assist in gathering necessary data needed for applying for a mortgage, plus they may have access to deals you wouldn’t find on your own.

Mortgage brokers can save you a considerable amount of money over the course of your loan, as well as reduce stress and frustration that home buyers often experience.

Finding a mortgage broker can be straightforward if you know where to look and what questions to ask. Utilize online review websites to locate reliable mortgage brokers in your area.

Before working with them, make sure they possess both valid licensing and insurance. Doing this will protect both of you in case something goes awry.

It’s essential to factor in how much you will pay a mortgage broker both upfront and at closing. Some will take a percentage of your mortgage amount as their fee, while others require an up front payment.

Make sure to select a mortgage broker with connections to multiple lenders. Doing so will give you more choices regarding mortgage length, interest rates and the requirements your loan must satisfy.

Mortgage brokers may also assist you with other home financing needs, such as home equity loans or refinancing. Furthermore, they can refer you to an experienced realtor or property manager for additional real estate services.

The internet has had a profound effect on the real estate and mortgage industries, both positively and negatively. Unfortunately, many people mistakenly assume that online mortgage calculators are always accurate – this simply isn’t always the case.

Though the internet has made the buying process smoother, it also makes it easier for scammers to prey on vulnerable consumers. Here are a few common mortgage broker scams you should steer clear of:

When researching mortgage lenders, be sure to request a list of fees they charge. These could include an origination fee, application fee, underwriting fee and document preparation fee which could total thousands of dollars and be added onto your loan amount. It’s wise to compare lender fees when comparing different loan offers.

You can use the Nationwide Multistate Licensing System’s free consumer access tool to check a mortgage broker’s license status and learn about any disciplinary actions taken against them.

Though there are a lot of great mortgage brokers available, you should avoid some at all costs. The best way to do this is by doing your due diligence and following these tips for selecting the right mortgage broker: