Learn More About How Your Mortgage Broker Works
Every business is different, and this applies to mortgage broker companies, too. How does this particular broker work? Specifically, you want someone who:
- Is a people-person!
- Pays attention to details
- Has a strong background in business, finance, or real estate
- Is a good listener
- Knows how to network
- Will respond to your questions in a timely manner
- Takes the time to fully answer your questions
- Knows what loan products are available in your region
- Is willing to go the distance to help you
You’ll also want to find out how the broker typically communicates with clients. By email? Phone call? Text? Make sure you and your mortgage broker have communication compatibility!
Before you decide which broker to work with, here are five questions to ask.
Question 1: What Services Do You Provide?
This seems basic, but it’s important, because not every mortgage advisor deals with the specific products you might be interested in, or the types of products or programs that might benefit you most. Find out exactly what services the mortgage company offers, and how they charge for these services. These are just some of the products a mortgage broker may offer:
- Conventional Loans
- Jumbo Loans
- Renovation Loans
- VA Loans
- FHA Loans
- USDA Loans
Question 2: What’s Your Approach To Working With Clients?
Some brokers will show you only the products they want to sell you. That’s no good. You need a mortgage broker company that’s thinking about what’s best for YOU, not them. They need to be direct, honest, upfront, and completely transparent with you. It’s important that they address your concerns properly, without patronizing you or putting down your ideas.
In other words, you need to work with someone who is respectful, courteous, and exudes the utmost professionalism in all they do. Anything less than this is not acceptable.
Question 3: What Do You Offer That Others Do Not?
Every company likes to think they’re the best; put them to the test by directly asking what makes them better than the competition! A mortgage company that knows what it’s doing should be able to share with you what, exactly, makes them stand above the rest.
Question 4: Do You Help Veterans?
If you’re in the military, or you plan to purchase a home with someone who is, this is a very important question. As a service member, you may have access to programs and incentives that aren’t available to the rest of the population.
Specifically, a mortgage broker experienced in working with veterans can help you figure out if you qualify for VA loans. Your broker can help you through the entire process, from the application to the final steps in getting your home loan. What’s more, they’ll stand by you even when there are unexpected surprises to deal with.
Question 5: What Other Loan Programs Can You Help With?
If you’re not associated with the military, know that other loans and programs exist that may assist you. A good mortgage broker will know about these programs.
For example, an FHA loan is available to some individuals who do not qualify for a conventional loan. Or a USDA loan can help people trying to finance the purchase of a home that’s outside of city limits. Whatever your circumstances may be, talk to your broker and see if loans or programs exist to meet your unique needs.
Add Your Own Questions To This List
These are five great questions to get you started, but don’t stop there! Keep adding to the list. Don’t be afraid to interview potential mortgage specialists; after all, they’ll be working for you, so you want to make sure to get the best one possible!
For All Your Home Loan Needs
At Manuel Mortgage, we take pride in meeting our clients where they are. We do the digging for you, looking for just the right loan products that will serve you best, regardless of your current circumstances. With us, it’s all about you and your needs!
We truly believe you don’t have to settle for less, even if you don’t qualify for conventional loans, your credit score is low, or you don’t have much savings for a down payment. We will work with you to do everything in our power to turn your homeownership dreams into reality! If you’re interested in purchasing property or obtaining a loan in Texas, reach out to us today.