If you’re looking for a mortgage loan to help finance the house of your dreams, you’ll almost definitely need a mortgage broker Springfield MO or a mortgage lender in order to achieve the right financing. That more than likely brings you to the decision-making process of trying to find the right mortgage broker. How to go about that is explained below!
Who’s who: Mortgage brokers vs. mortgage lenders
First, you should know the difference between a mortgage broker and a lender. A mortgage broker is actually the liaison between a mortgage lender, who will just about always work for a bank or other financial institution. While a mortgage broker, at first thought, may seem like another hoop to jump through in procuring a loan, they’re actually very useful because they do an excellent job of helping borrowers obtain financial discounts and other plans they may not normally receive if they contact a lender directly.
What makes a good mortgage broker
There are several qualities that make a good mortgage broker, but perhaps the most important is that a good mortgage broker won’t contact you by buying your contact information from a list or database. Instead, you should locate a broker by referrals only. Asking your colleagues, friends and family about their experiences or doing research on a trusted broker website is a great way to go.
In addition, a good mortgage broker will not charge you fees in excess. A good rule to go in this case is that a mortgage broker’s mortgage plan for you should never exceed what a mortgage lender’s plan would.
Lastly, you should be wary of a mortgage broker than doesn’t create a plan for your specific financial needs. A good mortgage broker will be able to answer your questions (which you should have prepared) by understanding your financial situation and what you can and can’t afford.
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