Banks might be taking too long or not returning your calls, right?
If you are looking for a mortgage, you may have been advised that it’s better to go through a mortgage broker.Now a days if you are still in the business, you must have done something right, because the downfall of the SubPrime Loans has weeded out a lot of the bad brokers in our business. This seems to make sense because most major lenders (ALL THREE OF THEM) will take an average 45 days to close a loan, forget about getting pre-approved or a return call, they are so busy that they cannot handle the work loan. Brokers are experts, aren’t they? This is generally true. But it doesn’t mean that you have to accept everything the broker says, or be completely uncritical. There are some things you need to look out for.
At one time just about anyone could set up as a mortgage broker.
All brokers are supposed to offer advice and a recommendation. Beware of a mortgage broker who claims only to offer information. This may be to forestall potential complaints.
Be extremely wary of a broker who encourages you to bend the truth in order to get the mortgage you want. It’s part of the mortgage broker’s job to make sure you get a mortgage which you can afford and which is right for your circumstances.
Some mortgage brokers will tell you that they are “whole of market” when they only in fact have access to a representative panel. This may not necessarily be a bad thing in itself, but you should be careful of a broker who you think is trying to mislead you. Check just how many lenders the broker has access to.
A mortgage broker who works on a commission basis may seem cheaper. But can you really be sure that the broker is recommending the product that is best for you, rather than being swayed by the commission? Of course most brokers are honest and genuine. And they are actually bound by their professional code to give the advice that is in the client’s best interests. But if this is a worry for you, choose one that operates on a fee basis.
If you do use a mortgage broker who operates on a fee basis, avoid one who expects you to pay the bill before completion of the transaction. This can cause problems if things change or break down later on. Check at the beginning when the broker expects the fee to be paid.Always remember you are the customer. Don’t let yourself be over-awed by the broker’s expertise. A good mortgage broker will always be happy for you to check everything and ensure that everything is being done in your best interests.
Most important advise for you to follow, get all the fee and rate quotes in writing and make them guarantee it. WE CAN! WE CAN CLOSE IN ABOUT 15 WORKING DAYS TOO!
For more help or inquiries, call Ken Go at (562) 697-7028 or write to kennethgo@verizon.net.
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However the only constant in the world of mortgages is change and therefore it is always going to be necessary to visit a whole of market Independent Mortgage Adviser. Bear in mind though that these advisers will have their own agenda and will more than likely try to divert you from the plan. The main danger of mortgage refinancing comes from a lack of awareness. If you’re not aware of what you want from refinancing, and the pros and cons of a recommended deal, then you are open to being taken advantage of by unethical mortgage brokers. Thanks for this informative post.
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