Buying a home isn’t something the average person does on a regular basis. As such, you may not have a regular mortgage broker, such as our example, Rob’s Mortgage Loans out of Denver, CO, that you’re already familiar with or us. While there are many factors that you need to consider, there are also a few important questions to ask. Asking these questions can help you hone in on the mortgage broker that’s right for you. Here’s some of those key questions to ask.
Who Pays Your Fees?
One of the first questions you should ask before hiring a mortgage broker is who pays the fees. This can vary based on the company you use. Some brokers already have relationships with lending agencies or real estate agents in your area. As such, they may already have pre-arranged agreements as to who pays for the fees, such as the lender or the seller. If there aren’t any other agreements in place, you may find yourself having to pay for the fee. This is why it’s so important to ask ahead of time. Our example mile high mortgage broker ensures you know where that fee is sourced.
How Much Experience Do You Have in the Lending Industry?
Another important question to ask prior to hiring a mortgage broker is how much experience the broker has in the lending industry. It’s very common for mortgage brokers to have experience working on the lender side of things. Some brokers may have also been real estate agents in the past. The more experience the better, as it helps to show that the professional has the skills, experience and expertise to thoroughly assist you throughout the buying process. Robert Sturms has been arranging loans since the 1990’s, does your broker have the same experience as our example?
Why Are You the Best Mortgage Broker For Me?
The final question to ask before hiring a mortgage broker is blunt. “Why is are you the best mortgage broker for me?” Everyone has a different situation and circumstances. Perhaps you have bad credit. If this is the case, you want to find a broker who specializes in bad credit loans. Or maybe you flip houses. In this case, you will want to find a short-term, interest-only loan, so you aren’t paying a full mortgage payment every month until you sell the house. Asking this question helps you learn about the broker and if their experience aligns with your specific lending needs.
Having a great mortgage broker can be vital to helping you find the best loan for your situation and helping to guide the financing portion of the house closing process. While there are many lenders you can work with, working with the professionals at Rob’s Mortgage Loans can help make the buying and financing process as easy as possible.