In my career as a Breckenridge Realtor, I find that many people automatically think it’s best to go through banks for their mortgages. However, the fact is that more than half of today’s borrowers turn to mortgage brokers instead. There are many great advantages to working with a broker. Today we’ll walk through the best Breckenridge Realtor advice when it comes to selecting and utilizing a mortgage broker.
The Brokerage Firm’s Edge
One of the biggest assets a broker has to offer is that you are not stuck with a single deal. In contrast, banks provide a single mortgage offer and that’s about it. When you choose a broker though, you’re hiring an expert who can shop among lenders to find the financing that’s right for you.
Furthermore, by selecting a broker, you have a better chance of closing faster on your new home than with a traditional bank. There tends not to be as much red tape to delay the proceedings. This means less time at the closing table, and a quicker time to move-in day.
Interviewing a Prospective Broker
While it’s true that brokers offer some really attractive qualities, you might feel more comfortable with a banking institution. However, that doesn’t mean you should write off the possibility of seeing what a broker can do for you.
When considering a broker, it’s best to set up an interview. Asking key questions is a great way to make an informed decision. There are some crucial topics to include in your list so that you leave the interview with a clear idea of each broker’s services.
References: It’s critical to learn how other clients feel about a particular broker. Therefore, references are essential. Ask for the names and contact information of three of the broker’s most recent customers. Then make sure to follow up by speaking with these individuals. When you get in touch with the references, find out if they felt treated fairly and if the broker’s estimate of costs was accurate. Most importantly, don’t forget to inquire as to whether or not each reference would go back to this broker again. Repeat business is a good indication of a broker’s professionalism and trustworthiness.
Length of Business: While the amount of time a broker has been in the industry doesn’t always equate to quality, it’s logical to want someone who’s experienced. A good rule of thumb is to look for a broker with at least three years of time in the home loan field.
Compensation: One reason many people feel wary of brokers is that their compensation may seem unclear. But that isn’t the case with all brokers. You can ask pointed questions about how each broker you interview earns money from your relationship. If a broker shows you a rate sheet, that’s a very good sign. This document will break down how the broker will earn commission, depending on the specific interest rate that you choose. Brokers who take the time to explain this system and have no problem laying out the fee structure reveal that they are honest and open about how they do business. Make sure the broker you ultimately choose exemplifies this valuable quality.
Want More Info?
Finding the right broker can take time and effort. However, I hope these tips help you narrow down how you can wisely choose a broker to help you with your mortgage.
On a different note, if you’re ready to start looking for a home in Breckenridge or throughout Summit County, I can put together some properties that might suit your tastes. Feel free to begin by looking through the updated listings on my website, and when you’re ready to discuss your options or prepare for showings, contact me via email (email@example.com) or on my office line. I look forward to working with you!