Monday, December 10, 2012

Find the best mortgage broker

Finding a mortgage broker is not hard. There are about as many mortgage brokers as there are real estate agents, insurance agents or investment advisers  Reality is they are a dime a dozen.

Finding the best mortgage broker, or even a just a mortgage broker who is well suited to service your particular mortgage loan requirements is another story.
Why are there so many mortgage brokers, or mortgage agents around? The reason is that there are few barriers to entry. Unlike law school or medical school, where you have to go to school for many years, practically anyone can become a mortgage broker or agent. The educational requirements are minimal – you need to take just a one week course – and the cost is low. If you have an extra week on your hands and a thousand dollars - that’s how much you’ll need to pay for the course, licensing and insurance - then Bob’s your Uncle, as they say.
As a result of the low entry barriers, there are many, many people signing up to become mortgage brokers or agents. There is no apprenticeship or internship period required either, which means you have a lot of licensed brokers and agents running around with little or no training.
The competition is for business is fierce, not only from other mortgage brokers, but also from banks, who have very deep pockets.  As a result of all the competition, it can take a long time for a mortgage broker or agent to gain a lot of experience, unless they are excellent marketers or have some great referral sources.  This makes it difficult to even find a good mortgage broker, let alone the best mortgage broker.
So how do you find the best mortgage broker?
You must shop around! Talk to a number of different mortgage brokers. Get referrals from people you trust and get educated! You might need to talk to four or five mortgage brokers before you find the best mortgage broker because you need to learn.  Depending on the type of mortgage you are trying to secure, some mortgage brokers will try and get a large retainer from you – be careful! Do not give anyone anything until you are fully convinced the broker can do the job for you. Learn something about the rules of the game, ask a lot of questions and find someone you feel has your best interests at heart!
If you have excellent credit and provable income, the best place to get a mortgage is still the bank.  However, banks are very picky about the people they want to lend money to. If your credit isn’t perfect, or your self employed and you arent reporting income that is commensurate with your station, you many even be a very high networth individual and have trouble getting a loan from the bank.  

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