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Good Mortgage Broker vs. Bad Mortgage Broker
According to the NAMB (National Association of Mortgage
Brokers), two out of three Americans work with a mortgage broker
to purchase a home because of the broker's expertise and wide
selection of loan products and lenders. However, with so many so
called "experts" out there, how does one separate the wheat from
the chaff? How do you know if a broker is honest? And how do you
know they're an "expert" or not?
The NAMB says that over 70 percent of brokers are legitimate,
that is they have safeguards and policies in place to make sure
that they stay on the straight and narrow. So what about the
other 30 percent? Well, the whole 30 percent isn't bad, but just
as in any classroom, you're going to have those at the top, some
in the middle, a few at the bottom, and others who simply don't
show for class. Obviously, those at the bottom and the no shows
would not be your first choice if you were going into surgery
and they were holding the scapel, nor should they be handling
your loan when you purchase a home or refinance.
Because of the surge in numbers of mortgage brokers in the past
few years, there are plenty of incompetent and dishonest brokers
out there. In order to avoid the 30 percentile, I offer the
following tips to help you find a mortgage broker that is not
only an expert but honest and reputable as well:
Don't believe everything you hear. Asking friends or family to
recommend a mortgage professional is usually the first place
people start. However, how do they know the broker is reputable
and trustworthy? Check with your state regulatory offices and
licensing bureau once you have some referrals. Better to be safe
than sorry.
Use an NAMB certified mortgage broker. Brokers certified by the
NAMB practice the highest ethical and professional standards in
the industry. There is a "Find a Broker" link on the NAMB's
website at www.namb.org.
Use an Upfront Mortgage Broker (UMB). These brokers disclose
their fees to customers in writing in advance at the customer's
request. They also disclose the wholesale prices they receive
from lenders. For a list of UMBs visit www.mtgprofessor.com.
Honesty is the best policy. If a mortgage broker suggests that
you lie on your loan application in any way, he/she is most
likely in the 30 percentile. Walk away.
They need to show you the money. If a mortgage broker doesn't
disclose your closing costs in three business days, it's
probably best to take your business elsewhere.
If you're not bleeding, they shouldn't be applying pressure. A
mortgage broker who pressures you into anything you are not
comfortable with probably failed ethics. No reputable broker
will pressure you into anything you don't feel comfortable with.
There are no stupid questions. Does the mortgage broker answer
all your questions to your satisfaction? Are his/her answers
straightforward, honest, and respectful?
Do you have a reservation? If you feel comfortable with whom
you're working with and feel like they have answered all your
questions and put all your reservations to ease, you've probably
found a good mortgage broker.
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