Find an Oscar-worthy Mortgage Broker

By:
JR Hevron - MortgageLoan.com
Finding an Academy Award-winning film or actor is as easy as tuning into the broadcast. Discovering an Oscar-worthy mortgage broker takes some work.

Each year, members of the Academy of Motion Picture Arts and Sciences vote on their favorite movies and actors from the past twelve months. Though everybody has their own opinion on who should win, earning an Oscar is usually represents a certain level of quality that most of us can agree on.

If only it were that easy to find a good mortgage broker!

There are, in fact, industry awards given every year by the National Association of Mortgage Brokers. Their Broker of the Year Award, given every July, is for a professional broker who embodies the Association’s ideals and principals and is good at promoting the industry, maintaining high ethical standards, and supporting the Association. While this sounds like an honor for the actual broker, it’s not much help to the average consumer.

Finding the very best broker for you is going to take a little bit of work. Though the mortgage process seems complicated—isn’t that partly why you’re going with a broker anyway?— it pays off in the end to 1) do your homework to make sure that you couldn’t get a better deal on your own and 2) make sure that this is the right broker for you.

A broker is a professional who helps clients to find mortgage loans that best suit their needs and requirements. They recommend financial products based on what their clients need and follow through with the application process.
Whether or not you should go with a broker or deal with the bank directly is a personal decision. The advantage of a good broker is that they will usually know far more about the finer points of loans than your average bank officer and can therefore potentially get you a much better deal.

Do your loan homework before you meet with brokers
How do you know that a broker is going to be able to get you the best deal? First, see what kind of deal you can get yourself. There are lots of different kinds of loans out there and the rates change every day. To simplify your search, pick one specific kind of loan and do all of your comparisons on the same day. Call credit unions, banks, national banks, your personal bank, and investment firms.
After you have these numbers in your arsenal, start calling recommended brokers to get quotes—and make sure you call at least a few to get a good comparison. If they can beat the rates from your own research, you have found a potential winner.
First, though, find out how he or she is getting paid and ask if you can get it in writing. If what you are paying your broker makes the total more than what you can get on your own, you could probably deal directly with your lender.
Once you’ve got some candidates…
Once you’ve got some candidates, it’s time to move to phase two to see if any of them are a good match for you. 
 
One of the most basic things to do is to follow your heart and judge whether or not the broker is personable to you. If they make you feel stupid or out of the loop, chances are this isn’t the right relationship for you.
 
Another thing to pick up on early is how available they seem. Do they return your calls and e-mails promptly? If not they may not be in touch later on when you’re really stressing out over things.
 
Here are a few questions to ask yourself after your first meeting:
  • Is the broker patient?
  • Is there any resistance to explaining jargon or terms that you don’t understand?
  • Does it seem like they understand the mortgage industry?
  • Are they experienced enough to really understand it?
  • Can they break down their last ten years in the industry?
  • Did the person fully interview you on your requirements?
  • Did they ask how long you plan to stay in your house?
  • Did they ask about your overall finances and family before making suggestions?
It’s also important to remember that mortgage brokers work for themselves and not you. While it seems that they are doing you a personal service, they oftentimes are just looking to get the best deal for themselves.
 
Do your own comparison-shopping, both with lenders and with brokers, and you will guarantee yourself an Oscar-worthy closing on your new home.


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