Finding a Good Mortgage Broker

A good mortgage broker assists borrowers in finding a good mortgage loan. The mortgage broker’s role in the lending process is to locate, acquire and offer mortgage to their clients that is based on the borrower’s ability to pay. The mortgage broker’s knowledge and experience in the industry provides a way for borrowers to benefit.

Characteristics of a Good Mortgage Broker

A good mortgage broker should be trained and have an understanding on how interest rates and mortgage work. The ideal mortgage broker has spent years honing their craft and has helped a long list of clients secure their mortgage. The good mortgage broker should not have any disciplinary actions or complaints of poor or bad service levied against them by their clients. The mortgage broker is ethical and their character is above reproach when it comes to meeting the needs of their clients.

Finding a good mortgage broker begins with a borrower establishing a list of the characteristics that make a mortgage broker good. Some of these characteristics may include such things as experience and expertise or knowledge of the mortgage industry, independence and ability to shop mortgage offers to more than one lender. A good mortgage broker should be both honest and ethical and have the interests of the borrower first and foremost.

Sources for Finding a Good Mortgage Broker

Local chambers of commerce can be one source that a borrower can go to get information about mortgage brokers in the area. Another good source for mortgage brokers can be a bank or lender that provides mortgages. Although it seems that it may make more sense to deal directly with a bank or lender, the process of acquiring a mortgage can be complex and relying on the expertise of a licensed professional may be better than trying to acquire their level of knowledge in a short period.

Friends, family and acquaintances may also be a source for finding a good mortgage broker. Often times a person that the borrower knows may be able to point them in the direction of a competent and qualified mortgage broker that meets their needs and is good at what they do. These types of referrals give the borrower an opportunity to meet face-to-face with the broker and determine whether or not the individual is one that the borrower desires to do business with.

Selecting a Good Mortgage Broker

Work through many sources to come up with a pool of potential candidates to service a borrower’s mortgage needs. A borrower can further cull their list by meeting with these candidates one-on-one and determine how good they are and responsive to the borrower’s needs. A hood mortgage broker is one who is a good listener, not talker and brings back custom tailored solutions to meet the borrower’s needs.