There are thousands of mortgage brokers in each state. How do you know which one to pick so that you get at the closing table on time and with the interest rate, loan conditions, and fees that you were promised? Here are some pointers and facts that should provide you with the knowledge and resources you need to select the best mortgage broker, interact with them, and reduce your risks before closing, hop over to these guys.
Let’s start by eliminating some of the ways in which borrowers traditionally select a mortgage broker. This may just prevent the majority of problems from arising in the first place.
The Wrong Way to Look for a Mortgage
You could go online and call the first five mortgage brokers that come up, look in the local Sunday Real Estate Section to see who has the best rate, or call someone from the Yellow Pages, as many people do. These, on the other hand, should be considered techniques NOT to shop for a mortgage:
Searching the Internet
On the Internet, almost every mortgage broker is listed. While it’s a useful tool, it’s not the greatest approach to find a mortgage. It may seem self-evident to some, but just because a mortgage broker’s website appears high in search engine results does not indicate they offer the best rates, service, or are even trustworthy. High search engine results do not reflect these qualities; rather, the webmaster who created the site likely spent hundreds of hours creating and fine-tuning it to appear in the Internet listings when you type in specific mortgage “keywords.” The number of other similar Web sites that link to that Web site, the number of visits it receives, how much the broker may have spent to be included there, and a variety of other factors are used by search engines to rank listings.
“You must be trustworthy because you popped up #1 in Google,” a consumer once told me. Yes, I am reputable, and I like to think we provide excellent service and competitive rates, but that isn’t why my broker was ranked first. (This is number one out of over 275,000 results for “atlanta mortgage.”) It was because the webmaster spent hundreds of hours creating and fine-tuning all of the site’s pages in order for them to rank well.