Mortgage Broker: What Do They Do and What Should You Ask?

To purchase a property, you can go through the process alone.  You also have the option to work with a mortgage broker. Brokers have connections in the real estate market. They’ve studied the ins and outs, so they’re familiar with the properties for sale and financing products. It’s their business to know the trends. The following are working with broker points to consider.

Using a Broker Benefits

A good broker works to understand your property needs and goals. They also accept your budget, find options within that budget, and detail each possible loan. Lenders usually pay the broker’s fee. There are situations when the applicant pays the fee. 

In most cases, a broker makes the home purchase process easier. The professional becomes your guide. If you previously purchased a home, you might be able to navigate it a second time around alone. The first-time buyer benefits from the broker’s knowledge and experience.

Questions to Ask a Broker

Before starting a business relationship with a broker, ask a couple of questions. Check the broker’s licensing credentials. Go over your property must-haves and would-likes. Find out broker’s lender representation. A good mix of products and lenders is helpful. If the broker only represents one lender and one product, that’s the one you’ll be offered. 

Ask for options. The broker should be able to help you avoid the lender’s mortgage insurance by detailing the threshold. Finally, find out what documents you need for the home loan application.   

Mortgage Broker Conclusion

Home purchases take up to six months to complete. There’s a lot of checks and balances involved. Hiring a mortgage broker helps the process run more smoothly. To finance your purchase, you can rest assured that our Mortgage House team is ready to provide lending and financing guidance, too. Our mortgage calculator is a great starting point.