Mortgage Brokers play a vital role in borrowing/lending processes. They serve as middlemen between the two parties – borrower and lender and are very conversant with the best offers for a person considering mortgage loan.
Mortgage Brokers operate in many states and its important to hire the best in town in order to enjoy the ‘repayment journey’. After considering the general conditions for selecting a San Diego Mortgage Broker, there are three important questions you should ask your Mortgage Broker before finally sealing the deal. The first on the list is…
Can I get a List of your References?
In a situation when you get the reference from a family member/friend, you can ask about their experience with the mortgage broker. However, when you have no contact of any reference, simply ask the mortgage broker for details of one or two recent clients. Ask questions about how they were treated, any issues on closing the loan, and most importantly, if they would patronize again. Learn more here.
How Experienced Are You?
In answering this question, the mortgage broker should be able to share some knowledge on specific loan types like FHA or VA Loans. Also, confirm if the firm is licensed to be a broker in the state and ask for the number of years in broker business (preferably, choose one in business for more than 3years). Learn more about Who is a San Diego Mortgage Broker.
Can I get a Rate Lock?
Rate Locks are placed on interest rates to give you a stabilized rate throughout your repayment period. There are times when the rates rise or falls, this affects the amount to be paid positively (for fall) or negatively (rise). Therefore, you need to get a rate lock to avoid fluctuations in loan prices.
After the mortgage broker has successfully answered these questions, you can then consider hiring him.
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