When it comes to securing a home loan, it seems that everyone has an opinion. But when it comes to making one of the most important financial decisions of your life, you'll need to seek mortgage advice from someone who is qualified and experienced.
Who's qualified to offer you mortgage advice?
It's best to work with a licensed mortgage broker and lending company that is:
Experienced - Mortgage brokers and lending companies come and go, which is why finding one that has a long-standing presence is important. Although the mortgage business is dynamic, there are many factors which remain the same year after year. By working with a mortgage company that has been around for many years you can avoid rookie mistakes and take advantage of inside knowledge.
Reputable - Reputation is everything. Your broker and lender should have an upstanding reputation within the mortgage community and within the community they lend to. Affiliation with mortgage associations and positive feedback from past customers are two ways that you can verify the reputation of those who are providing you with mortgage advice.
Successful - Experience and a good reputation mean nothing if you can't get the job done. It's much easier to accept mortgage advice from those who have demonstrated success in helping borrowers secure home loans, than from those who only can talk about it.
Ask questions if you want to get the best mortgage advice
This sounds like a pretty basic question, but many people are encouraged to apply for loans that they are not qualified for, all in an attempt to make money for dishonest brokers. Before you sign any papers or agree to work with a home loan lender, have a consultation done to assess whether or not you are a viable candidate. Nothing is more frustrating than wasting your time.
These are all just a few of the home loans that are available to choose from. With such a large selection of loans on the market today, it's important to have help you can depend on when trying to decide which one loan to choose. A good broker or lender will not only offer options, but will look at your specific loan needs and offer loans that will specifically benefit you.
Getting the best mortgage advice can be accomplished by asking plenty of questions such as:
Will I be approved?
What types of loans are available and which one is right for me?
How much will my total costs be?
Before beginning to help you in the home buying process, your mortgage team should advise you regarding how much you can expect to pay in total costs. Knowing how much money to have saved up is invaluable advice.