There are thousands of mortgage brokers in each Member State. How do you know which one to choose so that the interest rate, loan terms and fees agreed to you will end up at the closing table on time? Here are some tips and data that will hopefully provide you with the knowledge and resources you need to find the right mortgage broker, how to work with them and help minimize the risks before you get to the closing table. Island Coast Mortgage VA Loans
First let’s remove some of the usual ways borrowers choose a mortgage broker. This might just solve most of the issues before they happen.
As many people do, you could go to the internet and call the first few mortgage brokers that pop up, check the local Sunday Real Estate section to see who has the best rate, or call someone from the Yellow Pages. These should, however, be described as ways to NOT shop for a mortgage: shopping on-line Most of the brokers are listed on the Internet. While it’s a great resource, searching for a mortgage is not the best way to. It may be apparent to some, but just because the website of a mortgage broker shows up high on the pages of search engines doesn’t mean they have the lowest rates or have the best service, or even are reputable. High search engine rankings do not refer to these factors, but rather to the fact that the webmaster who created the website probably spent hundreds of hours constructing and fine-tuning their website when you type in certain “keywords” mortgage listings on the Internet. Search engines do not rate listings on the basis of a broker’s quality or credibility, but more on the basis of the number of other similar websites that connect to that website, the number of visits it attracts, how much the broker may have paid for listing there and many other factors.
Once I’ve had a customer call me and say “You have to be trustworthy as you’ve shown #1 in Google.” Yes, I’m reputable, and I like to believe we’re providing really good service and low rates, but that’s not why my broker was mentioned at the top. (Number one of over 275,000 listings for the word “atlanta mortgage”) It was because the webmaster spent hundreds of hours designing and carefully tuning all the pages within the site to show up with high rankings.
There are many websites that list on-line rates for mortgage companies. I’m not putting too much stock on platforms that list the online prices for these businesses. Mortgage brokers typically pay to be listed on those sties, and some are “affiliate” pages. That means when the visitor goes to the connection clicked on, they are charged a fee. To find out if you’re on an “affiliate” site, click on the link that will take you to the site and check the web address. If at the end of the domain name it has a string it is typically an affiliate. There is nothing wrong or illegal about this, just understand that some of the platforms may be skewed by the companies paying or offering an opportunity to be featured on their site.
One trick is to click on sponsored links to not waste time. On Google they are listed in the right column, (and recently in a shaded box at the top of every article), while AOL’s links are lightly colored boxes at the top and bottom of the page, and on Yahoo they are listed in the column on the right side and in a colored box at the bottom of the page. As the name implies they are “supported” links which means the broker has paid to be there for listing.
Be aware that if you fill in a mortgage website form about wanting to obtain more details ready to be overwhelmed with calls or emails from mortgage brokers that want your company. There are many websites that are “lead”-only sites. They get your details, and then sell it to nationwide mortgage brokers. Only send details that you know you will be dealing with on the mortgage broker’s web site.
The bottom line is the Web is a great way to find out more about a mortgage broker you are considering using but it might not be the best way to find one you can trust.
Choosing a Strictly On Rate Mortgage Broker The interest rate on a mortgage is one of a loan’s most important factors but it’s not all. There may be more than 30 different closing fees which may figure in the overall cost of obtaining a mortgage loan.
Do not be fooled by advertising brokers which have the lowest rates. Most mortgage brokers and borrowers on comparable programs on any given day have about the same cost. They can cite them with or without fees for Loan Origination and/or Discount Points, making it even more confusing. The interest rate is an important factor when choosing a mortgage broker but let’s take it a step further to get a better picture of the total cost to you.