Buying houses can be a torturous task especially when it comes to first-time borrowers. If your funds are limited, I advised that you take a mortgage to ensure that the buying process doesn’t collapse. Lenders and banks will often come with limitations hence it is recommended that you use a mortgage broker. Mortgage brokers will help you find the financing needed by matching your needs with a home loan from a section of lenders. This makes it necessary that you find a well experienced mortgage broker, certified and has links with a good number of lenders. Here, you are going to read about the guidelines to find a good mortgage rate from a good mortgage broker.
Start by researching to find a mortgage broker that satisfies your requirements. You can find recommendations from friends, other homeowners, real estate agents or colleagues at work. If your real estate agent has been in the market long enough, it is imperative that they have built connections with people in mortgage lending companies. Researching online is also another way to find one. By visiting online profiles of some mortgage brokers, you can ascertain whether they work alone or they are employed by a mortgage company. If mortgage brokers have positive reviews on their website, you are advised to hire them since it is a way of showing satisfaction by former customers.
You can call the brokers and companies you have shortlisted to schedule meetings. You can generate a list of questions to ask to ensure that you get the information you need. Compare the answers you get from all the brokers during the interviews to see who best suits your needs. Ask about the application process and whether it involves any special needs. Having many applications submitted over some time is not recommended as it is confusing and may end up affecting your credit score. Asking about their rates and fees will be of no harm to you or the broker.
Find a broker who asks to know more about your financial past and your goals since they will be better placed to know how to present your case to your lender. You should be honest when asked about marital status, bank balances, income, credit score and previous homes you have owned as they are determinants of your loan outcome.
Go for a broker you know you can trust with personal information and one that will offer you any form of professional help you may need during the process. You can now decide on which broker is best for you and based on the information you have.