A good mortgage broker has access to many different loan options, and can potentially save you money and time. But how do you find a good broker?
An obvious first step is to ask your realtor for a referral, or ask for recommendations from friends or family. Most brokers have an online presence, and browsing profiles will give you a good idea of their experience, qualifications and credentials. An online registry is maintained by the Nationwide Mortgage Licensing System; you can check there to see if a broker has had any complaints or legal action taken against them.
Once you have several possibilities, arrange an introductory meeting with at least three mortgage brokers. This initial meeting gives you a chance to ask any questions, and get an idea of whether the broker would be a good fit. Experience and positive results are important, but you also want to work with someone who is enthusiastic, reliable and responds to calls and emails on time.
A good mortgage broker will also ask you questions to determine which loans might be a good match, and will seem genuinely interested in your personal situation. Any good broker will ask you about your credit score, debt to income ratio, assets and whether you have owned a home before; it’s all information that can help them find you the best possible loan.