Maybe you have been scared off by some of the recent news reports regarding falling real estate prices and higher interest rates.
If you have, it is interesting to know that there are also reports of mortgage rates hitting 46-month lows. Therefore, don’t conclude, that a loan is out of the question for you because of the more widely-spread news propaganda.
Do not be too concerned if a mortgage broker you choose will not be able to work with your current credit scores – they have seen worse! Possibly, you are even concerned that the mortgage broker will tell you to forget to get a loan for a home at this time because of everything that has occurred in the real estate markets.
Again, despite what you have heard, the mortgage industry is still there, still doing loans, still alive and well. Keep in mind, good mortgage brokers with good programs still exist and are there to help find you the right mortgage fit.
So how can you find the right Mortgage Broker?
Reaching out to local mortgage brokers though a google search would be helpful, along with some well researched questions to ask of them.
To locate the mortgage brokers to call, you can do web searches at Google or Yahoo! Arduous in manner, you could reach out to mortgage brokers from the yellow book – but why? Its easier to use the internet. Of course, personal referrals are also good. Keep in mind, just because the agent comes to you from a referral, doesn’t mean he will be an ideal fit for your circumstances or understand mortgages in their entirety – make sure to ask relevant questions related to your circumstance in any event. Each person’s financial status is uniquely their own.
Once you have located a few brokers that you would like to interview, then move on to step two: prepare a list of questions that you can ask the potential Mortgage Broker. As you ask your questions, you will see more and more whether or not he will fit your needs.
If he or she doesn’t, go ahead and thank him or his for her time, and hang up the phone. Don’t waste any more time talking to that Mortgage Broker.
In conjunction with the above suggestions and any questions you have formulated to ask a mortgage broker, consider the below queries that will give you deeper insight.
- What types of lending programs do you currently offer?
- What type of credit scores will I need to fit into your current programs?
- Are you offering your in-house loans?
- What are the current interest rates you are offering?
- How many discount points are you taking?
- What are your origination fees?
- What are all the costs associated with the loan?
- Can you offer a loan rate lock?
- How much time do you normally require to fund a loan?