Mortgage Brokers: The Good, The Bad, And The Difference
Mortgage brokers often have what seems like the last word on whether or not a deal goes through. So how do you know if they are working in your best interests?
Many real estate agents have preferred brokers based on previous loan transactions. But that doesn't mean that specific broker is right for every job. Real estate agents work hard to develop trust and relationships with their clients, and in turn the client is expecting that all referrals from their agent are built with that same level of trust. Things change quickly when it comes to lending practices and someone that might have been a successful broker 10 years ago, is now in a whole different market.
So how do you know if the mortgage broker you are choosing is right for the deal on the table? What makes a good broker; one that will go the distance with you in order to get in the deal done?
Signs that your Mortgage Broker is truly working with you and not just for their own payday:
1. Being transparent: A good broker will discuss all fees and keep you in the loop about every concern, question, and opportunity. If it feels like your broker is keeping you in the dark, chances are they are willing to sacrifice your interests for their pay day. Ask for rate sheets from the lenders they have checked and make sure they are looking for the best deals possible!
2. Be wary of a broker who will quote you a price without asking questions about down payment, size of property, type and use of property, credit score, etc. If they aren't interested, they may be trying to sell you on something that will ultimately fail or end up hurting the deal.
3. Make sure your broker is keeping you informed and paying attention to detail. Things like knowing that even though there is no NEW news, everything is still on schedule, can make all the difference! Your job is not only assuring your client that things are going smoothly, but also being able to back those words up.
If you have a client that has a specific set of needs, remember that they took the time to find you and are therefore assuming you will take the time to find the best resources to help them in return. When you are dealing in the business of relationships (and yes sure, it's about houses, but if you're a successful real estate agent, you know it's about relationships too!) referrals are a huge part of your success, and their is no better referral than satisfied customers!
There are plenty of brokers available, but only few will successfully adapt to the changing housing market. Things that worked 10 years ago are no longer industry standard. Just like so many other professions, the changing times are changing who is making the big bucks. Homeownership numbers are still lower than they have been in the last 50+ years, and almost every generation is experiencing financial hardship and increasing debt. The professionals who end up on top, through all these changing trends, will be those who can most effectively "Macguyver" the market and make the best of what they have. There's no shortage of professionals and if you can't change with the times, you will get left behind - It's a simple numbers game.
At Select Us LLC, we work with brokers that are consistently getting the deal done within given time restrictions, and if yours isn't cutting it: move on! You work too hard to let someone else dictate the terms of your success! Contact us if you'd like to be a part of our referral network and find the right broker for your needs.
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