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Choosing The Right Mortgage Broker And Or Lender
When you buy a home you are in it for the long haul. Whether this is your first time buying a home or your second or third, it is very important to make sure the Mortgage Brokerage you choose to work with is there for you. The Mortgage broker is going to help set you up with a lender. The wrong broker could set you up with a lender that offers the highest profit, not the right mortgage for you. Do not go by referral alone, do your due diligence and research the reputation of the company. Your Real estate agent will have a good history working with Mortgage companies and will offer you referrals. A good agent will not limit their recommendations to an in house lender. Smart Lenders tend to take good care of their customers coming from a real estate agent. I still recommend doing your own research to assure you are comfortable with your choice. You can also ask your family, friends and neighbors what lender they use and go directly through a lender and not a Broker. Either way, do your research.
Ask your Mortgage broker/lender for references from past clients. If your Broker is hesitant to offer references that should raise red flags. Call the references that they do provide and ask them how their experience was with that Broker. Check on line reviews
Of course the first concern for home buyers is making sure you get the best rates. A Mortgage Loan officer can help explain what rates are current and what rates you will qualify for. However this is only a small part of your Loan officer is there is help you with. They should know all of the guidelines that must be followed for the type of loan you are applying for. Each type of loan must follow specific and strict guidelines. Be sure to ask your Loan officer what the guidelines are for the loan type you have chosen, whether is it FHA, VA, Conventional etc.... Always take the time to read the fine print. A quick meeting in your busy schedule to sign paper work of this magnitude will not help you truly understand all the fine details in the contracts you will be signing. Take time to read all of the fine print, and never be afraid to question what it is you are signing. If one sentence in the thousands of sentences you will need to read concerns you or confuses you in any way, question it. Make sure they are ok with taking the time to explain everything to you. If you are not comfortable in any way, Do Not Sign, until you are .
A lot of the work in having a successful smooth process with your Mortgage Loan officer is going to be on you. Keep your credit score in shape, remember this is not the time to start buying things to put in your new home, save that for after you have closed. Having all of your documents ready to provide to them is very important to maintain the time lines you are responsible for. If you do not have what you are being asked for make sure you get it to them as soon as possible.
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