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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