Don’t Go Broke, Go Broker!
If you’ve started looking into getting a mortgage, you’ve probably realized that it’s a lot of work. But that’s no reason to worry – that’s why mortgage brokers exist. Every day they’re helping people just like you make the most of their mortgage. But before picking a partner that can help you do the same, it’s important to get a few answers. Here are some questions to ask any potential mortgage broker before you sign the dotted line.
What is the application process like?
Applying is more than half the battle when it comes to getting a mortgage, so you want to make sure your broker breaks it down in a way that’s easy to understand. Clarify if there are any fees, what important documents you need to fill out when you need to turn those documents in, and specific requirements for the type of loan you’re looking for. It’s important to understand all of the details before you get too far into the process and it’s hard to turn back.
What is your background in the industry?
Experience is always an asset, especially when it comes to something as complicated as buying a house. Regardless of if you’re a first-time homebuyer or not, partnering with a mortgage broker that has been through the process more than once is a good idea. Don’t be afraid to ask how long they’ve been in business if they have any references, and the kinds of clients they’ve been able to help.
What are my rate options?
Although you most likely won’t be able to get a solid number until you start the process, good mortgage brokers will be able to give you an estimate based on some basic information. If your mortgage broker has an idea of your ideal rate from the beginning of the process, they’ll be more prepared to help you every step of the way.
What happens if I have bad credit?
It doesn’t mean you won’t be able to get a mortgage. But if you’re honest about your credit history with your mortgage broker from the start, they’ll know what kind of work they need to do moving forward. The more they know, the better they’ll be able to find a mortgage product that really works for you.
What’s in it for you?
Of course, every mortgage broker is part of a business. But for some, their number one goal isn’t to make themselves a lot of money. At Liberty Lending, we’re more concerned about you. That’s because our unrelenting commitment is to help as many mortgage customers as possible achieve their financial dreams while helping them save money on their closing costs.
Over the years, thousands of customers have trusted us to help them work through the home buying process. That’s because we’ll always do everything in our power to make sure you get the rate you deserve. And when you inevitably have more questions, we’ll always be there to answer them. Want more information? Fill out our form or call (314) 336-9111.