Mortgages aren’t created equal, nor are the professionals who originate them.
A good mortgage broker can save you a lot of money while a poor one can make the home-financing process a nightmare, which is why experts recommend shopping around to find the best fit.
The best brokers have relationships with multiple lenders to have access to a slew of loan products, says Richard Bettencourt, Jr., branch manager at Mortgage Network.
Home buyers should also make sure a broker has the time to take on new clients and learn their financial situation. According to Leslie Piper, consumer housing specialist with Realtor.com, a red flag to watch out for is a professional who makes blanket statements or generalizations without understanding your financial situation.
“Your mortgage broker should have a good amount of experience in the industry in order to be able to truly provide you with all your options,” says Piper. “Be on the lookout for large assumptions and brokers who aren’t taking the time to dive deep into your financial goals.”
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