Boca Mortgage Blog

When (& How) to Search for a Mortgage Broker

October 7th, 2014 11:34 AM by Leonard Silvestri

There are so many steps in buying a new home that it’s sometimes difficult to keep track of them all and to make sure you do things in the proper sequence that will save time and allow you to get the home that you want, especially when homes are in tight supply.

Many real estate agents will not put serious effort into finding a home for a client who has not been pre-qualified. Taking this step will help your agent know you are serious about buying a new home, and also what you can truly afford so neither of you wastes valuable time seeing properties out of your range.  If you are a first-time buyer working with a reputable real estate agent, they can suggest a good mortgage broker, as well as recommend other local experts. Mortgage brokers are compensated with fee that is a percentage of the real estate loan. The advantages of using a broker over a bank are that a good broker may be more accessible and responsive than a bank in walking you through the loan process. The broker will have regular contact with a variety of lenders and can compare loan options for you, explaining the differences. He or she may be able to find you a loan with terms or payment arrangements that are more suitable for your situation than any one bank may offer.  Brokers at times are also able to negotiate the waiver or reduction of certain fees, such as application fees, and according to Zillow, working with the right broker could save a buyer between a quarter and half a percentage point.

To ensure you are finding a broker who will working in your best interests and towards getting you the best deal, check out both their website to see if they offer resources that are geared to helping you navigate the lending process, as well what consumers say on off-site reviews like Google Local , the Better Business Bureau, or the individual broker’s profile on LinkedIn. 

Posted in:General
Posted by Leonard Silvestri on October 7th, 2014 11:34 AM

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