Selecting the right mortgage broker is similar to selecting the right realtor. The first thing you want to do is select someone you trust. If you don’t know a mortgage broker personally, find someone who does, and ask for them to put you in contact.
Once you get in contact with your mortgage professional, get to know them a little bit. Ask them questions about how long they have been in the business, what their previous background is, and if they are willing to provide you with the names of a couple past clients that you can call as a reference. If you don’t feel comfortable dealing with that person, then find someone else. Remember, this is likely the biggest transaction you will ever make, so be sure you are comfortable with who you are dealing with.
One thing to really watch out for is a mortgage broker or real estate agent that is over anxious to get you to commit to them. If you feel like you are being pressured to use someone specific, that should be a sign to be a little bit more diligent. Most realtors will have a mortgage broker they like to deal with, but if you feel like the realtor is pressuring you to use them, ask for the names of a couple of other options, they are required to provide you with alternatives. A realtor is not allowed to pressure you in any way to use somebody they know, and you are always entitled to a second opinion. That being said, realtors in many cases choose to deal with specific mortgage brokers because they know that the client will be well taken care of.
A good mortgage broker will never feel the need to pressure you to deal with them, and will always be willing to help you out any way they can. The best rule of thumb as in any other transaction is to go with your gut. Find someone you like and trust, and avoid the tendency to go elsewhere because another broker promises you a better rate. In the long run, the broker you trust will always be able to get you the deal that is best suited to you.
