Stop Searching for “Mortgage Broker Near Me” — Choose Total Mortgage For The Best Loans

Partnering with the best mortgage brokers can ensure you get the best mortgage rates from trusted lenders. This can help save time and money when financing a home purchase. 

Selecting the right mortgage broker is as important as choosing the ideal property. This single choice can make a big difference in the whole home-buying process. If you are looking for the “best mortgage broker near me” online, here are some crucial steps to make the right choice. 

 

3 Main Steps to Finding the Best Broker for Mortgages

1. Do the research

A thorough research about different mortgage brokers is the first step of the process. Try to gather as much information as possible through different sources to know about the good and bad points of each broker.  Here is how you can do so. 

• Reach Out to Friends and Family:

Ask your family and friends if they have worked with any mortgage brokers. Inquire about their experiences with customer service, the broker's expertise, and their overall satisfaction.

• Consult Your Realtor for Recommendations:

Your real estate agent can recommend reputable local mortgage brokers who align with your needs. Since real estate agents are typically paid upon the sale of the house, they are motivated to refer reliable brokers.

• Read Online Reviews:

Check platforms like Google and Yelp for reviews of potential mortgage brokers. Look for details on the approval timeline, how the broker managed any issues that arose, and the broker’s efficiency and organizational skills.

• Verify Licenses and Check Complaints:

Ensure that the mortgage brokers on your shortlist are licensed by checking with your state regulator or the Nationwide Mortgage Licensing System & Registry. Additionally, complaint sites such as the Better Business Bureau should be reviewed to see if there have been any complaints about the broker and how they were addressed.

 

2. Compare Brokers

To find the best home loan broker for your needs, ask the following questions:

• What loan options do you offer?

Top mortgage brokers should work with a variety of lenders, providing you with numerous mortgage options. However, they may not have access to every type of loan. Ensure the broker can offer the loan types you’re interested in.

• Who are your lenders?

Mortgage brokers might have relationships with a select group of preferred lenders. This can limit your choices if you’re looking to compare a wide range of options. Some lenders don’t work with brokers, so it’s important to confirm that your broker can provide or connect you with the lenders you’re interested in.

• What are your fees?

Mortgage brokers typically charge 1% to 2% of the loan amount, though they cannot legally charge more than 3%. Fees may be paid by the lender or the borrower, but not both. If the borrower pays, the fee may be due upfront or included in the loan amount. You might also consider finding a lender directly to avoid broker fees.

• Have you worked with borrowers in my situation?

Ask if the housing loan broker has experience working with borrowers who have similar financial situations or loan requirements as yours, such as a challenging credit history or unconventional loan needs. While this doesn’t guarantee a great deal, a broker familiar with your circumstances might offer valuable insights and options you hadn’t considered.

 

3. Be Financially Prepared

A mortgage broker helps you find a lender and simplifies the process of securing a home loan. While you can’t expect a broker to be immediately available, you can streamline the process by preparing financially in advance. Here’s how to get started:

• Obtain Your Credit Report

Begin by obtaining a copy of your credit report. The three major credit reporting bureaus are:

• Experian

• Equifax

• TransUnion

Note: You can get one free report annually from each bureau by visiting AnnualCreditReport.com.

• Understand Your Financial Position

Determine what type of mortgage fits your financial situation. For instance, if you’ve saved up for a down payment but not enough for a conventional loan, an FHA loan might be suitable. Alternatively, consider a 15-year loan plan if that better fits your comfort level. Knowing what you want and can afford before meeting with your broker will facilitate a more productive discussion.

• Gather Necessary Documentation

Start collecting the documentation your broker may need, such as your Social Security number, state ID, recent bank statements, and tax returns.

 

Make The Right Choice By Choosing Total Mortgage, Most Trusted National Mortgage Lender In The US

Selecting the right mortgage broker is crucial. An experienced broker can offer loan options tailored to your needs, potentially making a significant difference in your mortgage experience.

Let us make this task easier for those who are looking for the “best mortgage broker near me” on the internet. Choose Total Mortgage as your partner in your home-buying journey. We are one of the most reliable national mortgage lenders in the United States, offering the lowest mortgage rates.  

Our expert team will make the mortgage application process much smoother and potentially save you tens of thousands of dollars on your mortgage! 

 

FAQs:

Does using a mortgage broker save money?

A mortgage broker can offer financing options tailored to your financial situation and save you time by handling the legwork. However, using a broker means you have less control over which lenders are approached. You'll need to consider whether the potential cost savings are worth the time saved and if a broker can provide additional loan options that you might not find on your own.

How much do mortgage brokers usually charge?

Mortgage brokers are typically compensated either by the lender or by you, the borrower. Their fees generally range from 1% to 2% of the loan amount.

Should you do it yourself or contact a mortgage broker?

A mortgage broker will search for a loan that fits your needs and financial situation and negotiate favorable rates on your behalf. This can save you time and help you understand complex lender jargon. On the other hand, handling the process yourself may give you more control but can be time-consuming and confusing.