Buying or refinancing a home is one of the biggest decisions you’ll ever make. It’s not easy and there are a multitude of hurdles to overcome. As such, it is important to feel like you’re working with someone who has your best interests, both personal and financial at the forefront of their mind.
Here are the most important factors to take into account when deciding to use a mortgage broker to assist you with your finance needs.
Not just interest rates
While it seems logical to look for the best interest rate, and the media, big banks and most of your friends and family all will prioritise interest rate to you, a lot of borrowers are surprised to learn that most lenders will offer the same rates. And any differences will likely be quite minimal. It is the features of the loan, and the loans ability to service your individual specific requirements that should be a priority. Rate is important, however the other aspects of the loan need to be considered in order to provide you with an overall finance solution. A good mortgage broker will not only tell you this, but provide you with that solution.
When you’re looking for mortgage broker, here are a few indicators to watch for:
Does someone answer the phone when you call? Or at least return your call within a reasonable time frame? Have you been assigned to a specific lending manager who you can call directly and who will call you back and knowledgeably answer your questions?
When you have questions do you feel like you can talk to your mortgage broker and get an informed and knowledgeable answer? You’ll be surprised in your hunt for a broker how many have bad or outdated information. After some Internet research you will know when someone is behind the times. Make sure you’re talking to someone you trust and who knows what they’re talking about.
You should be able to completely trust your mortgage broker to follow through. If the person you’re working with says they are going to do something or call you back, you need to know you can count on them to do it. If you have to pester your broker for a call back or follow up on every detail to make sure it’s been handled, find someone else.
The mortgage experts at Sherlock Holmes Lending Solutions have helped thousands of borrowers through the loan process. We are knowledgeable and responsive. Call or email us to get up-to-date and current information about the mortgage and home buying/refinancing process.