If you are in the market for a house and decide you would like to use a mortgage broker, do you know what steps to take? Are you getting recommendations from friends or just go to the phone book and choosing names? Well, here are steps that will help you with hopefully a reputable and quality broker. Do not take the first broker you find but take your time and get exactly what you want. Here are a couple of tips:
1) Contact state and local board of Realtors for lists of mortgage brokers in your area.
2) Ask your real estate agent or friends for references.
3) If you receive a lot of real estate mailings for listings in your neighborhood, contact those people as well. Especially if you see the same realtor a few times on several properties.
4) Call recommended brokers and ask how many different lending institutions they work with.
5) Ask the brokers how they are compensated. This will either be a flat fee or a percentage of the amount of mortgage.
If you are a broker, what steps can you recommend for someone searching for a mortgage broker?
