When you are in the market for a new house, deciding on which mortgage broker you are going to use can seem like a total headache. While you may think that the best option you have is to simply go with the one who offers you the lowest rates and the lowest fees, that is not always going to be the best choice for you. Yes, it may seem like your best option at the time as lower fees and rates are ultimately what you want in this particular situation, but these lowered fees and rates are in no way going to make up for any of the lack of service or lack of transparency that you will also be receiving.
Here are some of the questions that you must ask whenever you are looking for a mortgage broker.
What is Your Application Process and how Does it Work?
With more and more lenders starting to go with online platforms which allow you to track the entire progress of your individual loan, all of the ambiguity that surrounds underwriting is slowly starting to dissolve. However, not every mortgage broker is going to have made the switch to the online platform just quite yet. With that being said, here is exactly what you will want to know about the entire lending process.
- What is the average close time?
- What are going to be the lender and third-party fees involved?
- What is the timeline and the cost going to be for locking in the mortgage rate?
- What are the specific loan product requirements (things such as your credit score, the down payment you will need to make, your debt-to-income ratio, etc.)?
- What documents are required during each point of the loan process and when they need to be submitted by?
- What are the other companies that are going to be used during the home loan service (these can include an appraisal company, a title insurance company, an escrow company, etc.)?
What Experience Do You and Your Team Have?
If this is going to be your very first time purchasing a home or even if you are refinancing your existing home loan, it is going to help you much more if you have a Grapevine Mortgage Broker on your side from who can make sense of all the complex underwriting process. With that being said, you are going to want to make sure that your mortgage broker is:
- Accessible when you need them and very prompt in answering any questions or concerns you may have.
- Has informed you exactly who you are going to be dealing with most of the time (either the broker you contacted or one of their team members).
- Have been in business for a while and can provide you with a list of references.
- Comfortable communicating with your through your preferred means of communication (phone, text, online chat, email, etc.).
- Is able to give you straightforward answers to all of your questions.
When you are searching for a mortgage broker, just be sure that you have them answer the questions above and you will have a great experience.