How to select the right mortgage broker ...
How to select the right mortgage brokerBy trounsell
When you are looking for a mortgage broker make sure they are qualified, most mortgage broker have gone to school and have years of training under a senior broker to ensure the know the ins and outs of the mortgage industry. The industry has a designation calls Accredited Mortgage Professional, (AMP), to differentiate the category of mortgage broker. If the broker you are meeting has this designation then you are in good hands to move forward. What a mortgage broker does is they have you fill out a form with your financial information and credit score and based on that information they shop for the best mortgage under the terms you are looking for.
Like are you looking for a variable or fixed rate mortgage, how much of a down payment do you have. Are you self employed. The host of factors will help you mortgage broker determine which lender is best suited for your needs. Your mortgage broker works for you and provided you have sufficient good credit you do not pay the broker out of your pocket for their services. For the broker to get a quote for you is free of charge, if you are asked for a fee upfront move on to another mortgage broker since this service is standard and free.
When you do decide to take a mortgage with the broker and it is a successful transaction the mortgage broker gets compensated by the lender you choose to go with.
Jeff Trounsell, BA, AMP
Posted by Jeff Trounsell
on July 22, 2010