How to Find a Good Mortgage Broker

Finding a good mortgage broker might seem difficult at times because of all the scandals and stories that are surrounding them lately. Although it may seem they are all out to help themselves, it is not the truth. There are quality mortgage brokers that can help you find a great deal on a mortgage. Here are a few ways that you can locate a good mortgage broker.

Ask Around

One of the first things that you should do is ask your friends and family if they know a good mortgage broker. Ask them where they have their mortgage at. Ask them if they would recommend the company that they use to anyone else. Most of the time, you will receive useful advice. The advice can be about positive and negative experiences. When someone has a bad experience with a mortgage broker, they are eager to tell anyone that asks. Keep a list of good and bad and you should be able to come up with a few good candidates.

A few good things to keep in mind when asking around are:

  • Overall experience in the industry

  • Experience with particular programs you are interested in

  • Rates and Fees, compare to other companies

Online Reviews

Another good source of information is to check with online review sites. These sites can often get very detailed about what to expect from a particular company. They might have a review score or something that gives you an idea how they compare with other lenders. Many of these sites even have a place where users can rate the companies that they have experience with. This is a fantastic place to get information first-hand from the people who have it. If you see that a company gets mostly negative reviews, you should probably look elsewhere. If a few companies seem to get positive reviews, you should investigate them further.

Better Business Bureau

The Better Business Bureau is still a great source of information when you want to see how someone treats their customers. Visit the Better Business Bureau's website and research the company name. The information provided will be a detailed account of their track record over the last few years. It will tell you how many people have complained about their service and how many issues have gone unresolved. The Better Business Bureau will even give you a cumulative grade of "A" through "F," based on their grading scale.

If a mortgage broker that you are investigating has a negative score on their Better Business Bureau profile, you should probably reconsider using their services. You want to select a company that does not have the slightest hint of unprofessionalism; otherwise, you could end up getting burned down the road.

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