3 Key Questions To Ask A Mortgage Broker

Are you looking to find out best mortgage broker? At first, you might think that this process wouldn’t take you a lot of time and effort. But as soon as you start your search, you will realize that there is a multitude of factors to consider. You might find yourself confused, not knowing how to come up with an informed decision. Before you base your decision on what broker offers the lowest rate, be sure to ask these important questions to select the right mortgage broker depending on your needs.

1) How does the application process look like?

These days, it’s common for lenders to offer online platforms that keep track of loans of their clients. However, not all mortgage lenders have adopted this technology. For this reason, be sure to learn as much as you can about the application process. Do not hesitate to ask about the average time to closing, cost of locking in a mortgage rate, and any third party fees.

2) What’s your level of experience?

The last thing you want is to hire an inexperienced mortgage lender. It’s much safer to go for one who can back up his or her claims with real-world experiences. An experienced trusted mortgage brokers can also offer the highest level of assistance especially if you don’t know your way around refinancing or home buying. Other than the broker, be sure to ask about the experience of his or her team as well.

3) What rate do you offer?

Before you ask this question, make sure you frame it properly. A good tactic is to mention your credit score. Try to be as specific as you can. For example, you can ask what rate you can get for a $200,000, 20-year, fixed rate loan if you have a credit rating above 700. Through this, the trustedmortgagebrokers broker can give you a more concrete answer or help you shop for the best lender so you can get the best deal.