Whether you're buying your first home or investing in your 10th property, finding and utilizing a great mortgage broker is not just as simple as flipping through the phone book (does anybody use those anymore?) Or searching online. Finding a good mortgage broker could save you thousands of dollars over the life of the loan and hundreds of dollars in fees and points. So what's the difference between a mortgage broker in a bank? The loan officer with in a specific bank only has access to their loans. A mortgage broker, who works for an independent company, has access to all the banks and all the loans out there. This can really be valuable in tracking down the right loan and program for your needs. So here are some more tips on finding the right mortgage broker for your investment or home purchasing needs.
#1. Access to whole market mortgage.
Just like I mentioned previously, a mortgage broker or mortgage officer that doesn't work for a specific bank has access to not only the main street banks but online lenders, savings and loans, credit unions, and large government programs. To get the very best deal you must find a broker that has unlimited access to whole mortgage market. This can open up a world of mortgage options and payment plans.
#2. Conduct your own research.
Before choosing the right mortgage officer do a little bit of research to find out the right broker for your needs. Are you looking at an investment property, vacation home, second property, or primary residence? Even multi-family housing options can benefit from using a mortgage broker the specializes in multiunit complexes. Ask if they are qualified and regulated by appropriate organizations. Ask for some references and how long been in business.
#3. Seek out referrals from friends and family as well as other investors.
Finding one of the best mortgage brokers you can means utilizing those that have gone before. Depending on the type of property you want to buy, ask similar buyers who they used and if they liked the process and the person in general. It seems like social media is really the place people go for referrals and recommendations these days so ask around and then do your own interviewing and research to find the right mortgage broker for your needs.
#4. Trust your instincts.
Instincts and going with your gut should never be disregarded. It's important to choose a mortgage broker you will be comfortable with and can trust with all of your financial information. You want them to find you the best deal and in doing so they will need to access your personal and financial records. If you feel like your mortgage officer is not being completely honest with you, it's time to move on.
For more information on finding the right mortgage broker to purchase a Columbia area real estate or property give me a call today.