For most people, a home purchase is one of the biggest financial decisions of their lives meaning there are a lot of things to consider before committing to any mortgage. With so much information and many options available, it can be difficult to know where to look – and who to trust. If you’ve had a mortgage before, and were satisfied with your mortgage broker, it is a great idea to start again with a quote from that same lender. Perhaps you know exactly which broker, or whole sale lenders you would like to use again; in which case the whole process will be a lot easier for you.
If you were less than satisfied with your last mortgage, do your research to find the perfect fit, instead of just picking the first one you find. Sometimes mortgage brokers might give you an interest rate that you could have trouble paying off later, especially if you’re a new client. Using a Mortgage Calculator can act as a preventative measure in this regard, as it can help you calculate how much the given quote would cost you. You can also ask friends, family, or neighbors for recommendations they have for mortgage brokers and what qualities they liked best about these brokers. Other professionals you may already know – realtors, CPAs, financial advisors, or attorneys you have relationships with could also give good recommendations. This should give you a good list to start your research.
Search for Mortgage Brokers Online
With a wealth of information online, you can use search engines to your benefit to find mortgage brokers who might be a good fit for you. Type “best mortgage brokers” or “mortgage brokers near me” into a search engine for some quick and easy results. Each lender should have some basic term policies and options online. Make a note of the information for each so you can compare each of the options.
Checking the Better Business Bureau (BBB) is a great resource for finding reputable companies, or try Yelp or another business review site to check out how satisfied former customers are. Most brokers will also have some customer testimonials on their own websites for you to read. The National Association of Mortgage Brokers website lets you search for lenders in your area, and shows certifications of each.
Before you get in touch with a mortgage broker, check out your credit score. Make sure it is in good shape, or see if there are things you could do to raise your score a little before shopping for a mortgage, such as paying down credit cards. Are there any inconsistencies in your credit report that you should explain or fix? Making sure your credit is in the best possible shape beforehand puts you in the best position to negotiate terms and rates.
Contact Mortgage Brokers
Once you are satisfied with your credit score, and have done a little research to understand the mortgage and home buying landscape in your area, start reaching out to some mortgage brokers on your list. You will likely have your mortgage for 15, 20, or 30 years, so it’s key to find a broker you like working with. Prepare a list of questions you have beforehand and conduct short interviews with each potential lender.
When you are interviewing mortgage brokers, ask about their previous experience and about the loan terms, rates, and payment options they provide. Find out what their application process is like, and how long the process should take. You’ll want to know all the fine print info before making an informed choice. Ask about any other fees and requirements to make sure you understand the mortgage offer completely. Find out more about their team and whom you will be working with. Take note of how friendly the broker is, how quickly they get back to you with answers, and their communication style. If they don’t return calls, don’t have answers for you, or are difficult to work with, it’s time to move on.
After you’ve done your research and interviewed some mortgage brokers, take some time to compare the rates of each lender. You can easily get some rates online, but these are estimates. Talking directly to each broker can give you a more accurate number. They will work with you on an individual basis and check your credit information to provide you with your personalized mortgage options. Choosing a good mortgage broker is more than just interest rates, but the lowest rates could save you thousands in the long run, so weigh your options to choose the best mortgage broker for you.
The mortgage broker you ultimately choose should match your preferred communication style, and offer strong customer service. They should offer you competitive rates and terms that fit your budget, and be able to help you understand and improve your credit score and choose the best mortgage product for your situation.
Seattle Mortgage Broker
If you’re in the market for a mortgage in Seattle, look no further than Sammamish Mortgage. We are family-owned since 1992 and the #1 rated mortgage company in Bellevue and Seattle. Our long list of customer testimonials shows the high level of customer satisfaction you can expect when you come to us for your mortgage. For the best-rated Seattle mortgage broker, contact us and get started on your personalized mortgage options.