How to Find an Independent Mortgage Broker
Purchasing a home and going through the home loan process can be daunting if you don’t have a capable independent mortgage broker helping you along the way.
The right mortgage broker can be a huge help for any homebuyer — especially first-timers. It’s essential to get pre-approved and speak with a mortgage broker before house hunting, as they can offer valuable insight into how much home you can afford. Here are some tips to find an experienced mortgage broker who will put your best interests first:
What Does a Mortgage Broker Do?
A mortgage broker is a professional who will connect you with the right lender for your home purchase or refinance. They do things like complete preapproval applications, itemize necessary documents, and offer advice on interest rates and which lender to use.
However, there are two different kinds of mortgage brokers to choose from: retail mortgage brokers, who typically work for a single online lender or bank — meaning your options are limited and you may be missing out on the best interest rate — and independent mortgage brokers, who will shop multiple lenders to find the best loan options for you.
Independent brokers are often available at a wider range of hours, so they can meet, speak, or return calls/texts when it’s convenient for you. Best of all, these loan options are typically available at lower, wholesale rates — meaning you’ll enjoy a lower monthly payment.
Here are four ways to find a local independent mortgage broker near you:
1. Ask Friends and Family for Referrals
Since most people in your circle have heard that you’re buying a home, it’s a great time to reach out and see if anyone you know has worked with a mortgage broker they would recommend. Ask your real estate agent, too, as they may have several mortgage brokers they’ve worked with closely in the past.
2. Read (and Trust) Online Reviews
Online reviews aren’t just for restaurants and shopping anymore. Even mortgage brokers get star ratings these days, which makes it easier for first-time shoppers to get a little background and firsthand information about their potential partner. There are several sites designed to help buyers compare and find mortgage broker reviews:
- Google My Business
3. Look at Their Social Media Presence
A social media presence indicates that a mortgage broker has a modern approach and is up-to-date on trends in the lending industry. It also displays a healthy level of engagement with today’s consumers and shows that they understand where homebuyers look to get their information and recommendations.
4. See If They Communicate Regularly (and Openly)
If you call a potential mortgage broker, see how long it takes them to get back to you. During your discussion, take note of how receptive they are to answering your questions — even when it means finding out something on your behalf and calling you back with an answer. Be sure to ask when you can expect to hear from them during crucial points of the loan process. While they don’t have to be on-call for your every thought, they should be relatively easy to reach (within reason).
Find Your Mortgage Broker Partner Today
By simply learning a few easy facts about potential mortgage brokers, you’ll be able to narrow down your list of candidates to a few you’ll feel good about working with. Once you have a shortlist, we recommend going with the mortgage broker who made you feel the most comfortable and provided the most education around the home loan process.
Between your real estate agent and your new independent mortgage partner, you’ll have a handpicked team of performers who will go to bat for you to save you money and get you in your new home quickly and easily.
To get started, search for a local independent mortgage broker today.