How to Find a Mortgage Professional You Can Trust

Shopping around for a mortgage or home loan can save you thousands of dollars, of course, if you have the right broker on your side. Finding an expert worth his salt and your trust is undoubtedly the first important step towards obtaining or reassessing your home finance, therefore it is crucial to know what to look for in a person intended to help you make the best financial decision. Here is how to tell a mortgage professional you can trust from someone who doesn’t fit this description.

Look For A Genuine Interest In Getting To Know Your Needs

You can call it research, but the point is a true professional ready to work really hard in order to deliver the best deal for you, will strive to get to know you and understand your individual circumstances. Perhaps filling out the questionnaire is as much fun as watching green grass grow, but believe it or not, all the experienced pros have their extensive rosters of questions to gather as much information as possible. 

As simple as it may seem...

... the more comprehensive is the questionnaire, the better the advice you will get, hence do not skip the opportunity to complete it in the most appropriate and detailed way. By the way, it doesn’t mean you have to fill it before your first meeting with your future broker. Quite on the contrary, it makes perfect sense to do it after a bit of chatting and revealing your current situation and future goals.

What kind of questions are typically on the list? Well, a standard questionnaire will be curious about everything related to your occupation, type of employment (full-time, contract, or self-employed), and salary. Your relationship status, eventual dependents, as well as monthly spending of your household, are also part of the story. Naturally, there will be a section dedicated to the major reason you are seeking a loan and your key requirements and objectives.

Look For Experience

The importance of experience for a mortgage professional is hard to overestimate, especially if your situation is far from being typical. In the case, you have poor credit, a relative newcomer in this field won’t be able to provide you with decent service and react to your needs in a timely manner. Jake Taylor, who has been bringing folks home since 2001, explains that there is no one-size-fits-all number of years that constitute an exact border between an experienced and inexperienced broker. However, to provide a depth of insight into mortgages and quality service for all customers, a mortgage professional needs to have at least five years of active involvement under his belt.

Look For Transparency

Honesty in communication and transparency in regard to various aspects of their business is a pretty sure sign that you are speaking with the right person. To start with, a mortgage pro that cares for his reputation will disclose all possible fees upfront. Even if you won’t be the one to pay his commission, still there are a range of costs associated with the entire process of taking out a mortgage. 

Make sure you are well aware of all the eventual expenses from the very outset to avoid any future disappointments caused by unforeseen developments. For instance, if you decide to change your lender halfway through your mortgage, your initial lender will have to be compensated for any incurred loss.

Look For Solid Reputation

It is great if your friends or relatives can recommend an excellent mortgage expert, but only if they have really used their services. If they try to remember the name dropped by a distant acquaintance, then it is hardly the source of information you can rely on. What if your friends do not come up with the sought-after name? No worries, we live in the era of the internet, therefore head down online to check out the reviews. 

There are plenty of spots...

... which give a snapshot on the market while reading other people’s opinions can help you complete the picture on your local options. In addition to that, today it is almost impossible to find a broker who does not have a website or at least an online profile. Many of them have very engaging blogs, and it is always a good idea to look at them too – this way you can get a better understanding of what you can expect from your future mortgage expert.

Well, you can also take advantage of another referral source – your real estate agent – if you feel you will not be pushed to use their in-house broker. Anyway, if you are one of those who always do their homework, do not forget to consult your state’s professional licensing authority in order to be sure that the license of your favorite is in good standing.

Look For Appropriate Education

It is not a secret, the quality of services offered by different mortgage middlemen varies greatly from one broker to another. While a lot depends on the experience and capacities of a particular person, the appropriate education and training are crucial to top performances. Being good with people and at the same time good with numbers is a super combination, but obviously not enough to get this dream job. 

License is a must and to get one, a future pro should complete a special pre-licensure program that covers relevant federal and state laws, as well as an array of financial regulations around mortgages. The next step is to pass the SAFE Mortgage Loan Originator Test administered by the NMLS (National Mortgage Licensure System). Now newbies are ready to work, but to keep their license current, they will have to continue education, attending a required number of certain courses each year.

As you can see, with just a bit of research and attention to details, you can easily tell a mortgage professional you can trust from someone who doesn’t really care. It’s wise to speak with at least three people before you can make your mind up. Take advantage of our tips and do not forget the major things to look for!

Author Bio:
Allen is a keen writer covering topics such as Internet Marketing, SEO, Travel, Beauty and such. He enjoys spending time with his two kids on his past time.