Hopping on the property ladder is a dream for many, but knowing where to get started can be time consuming and confusing. With so many options to choose from knowing which loan or lender is right for you can be overwhelming.
At Atlas Crown Mortgage, we have dedicated over 25 years to ensuring our clients walk away with their dream properties with the right loan at the best price. We combine state of the art technology with world-class customer service to get our clients into the right mortgage product for their needs. Below, we’ll discuss the role mortgage brokers play in the home buying process and how to find the right one for you.
What is a mortgage broker?
A mortgage broker serves as an intermediary between the buyer and the potential lender. Their role is to shop your loan application around to banks and lenders in their networks, ultimately finding you the best deal for your mortgage. From assisting you through the application process to securing you the mortgage, brokers are an invaluable partner during the home buying process.
How to find the best broker for you
Put together a borrower profile
Getting a home loan requires a lot of paperwork. Understanding your unique situation is a key first step in any home buying decision. When you engage with a mortgage broker, some things they will ask you include:
- Yearly income
- Length of employment
- Monthly debt
- Credit score
Having this information handy before you engage with a mortgage broker will help your consultation run smoothly, so you can focus on assessing the broker’s experience.
Research mortgages and discounts
Navigating the maze that is home loans and mortgages can give anyone a headache. But it’s important to know the different options out there, so you can walk into a meeting with a broker well-prepared. For example, knowing you qualify for a first responder’s discount is important information to bring to the table.
Here are a few examples of loans and discounts you should research:
- Conventional Loans
- VA (Veterans Administration) Loans
- FHA (Federal Home Administration) Loans
- Reduced Documentation Loans
- Jumbo Loans
- First-time Home Buyer Programs
- Investment Property Loans
- First Responder Discounts
- Military Personnel Discounts
Find a broker
Once you have a fairly clear idea of your borrower status and the types of mortgages available on the market, it is time to find a broker to help you obtain the best deal.
Personal recommendations and referrals
Word of mouth referrals are a way to discover a trusted mortgage broker. If you know friends, family, or neighbors who have recently bought a home, you can ask them for a recommendation. Real estate agents, banks, and other lending institutions can often provide recommendations as well.
Most businesses can be found online these days and a mortgage broker is no different. You can search for brokers in your local area or even nationally, and often there are reviews on their service. It’s important to do your due diligence, as it could end up saving you a lot of money down the line.
With so many providers out there, it’s important that you find the person who will have your best interest in mind. If you are looking for a niche or untraditional loan, make sure the agents you speak with have experience brokering deals for that specific situation.
Another area to consider is the number of lenders the broker engages. Some brokers only work with a handful of banks, while others are independent and work with many mortgage lenders.
Buying a home is one of the biggest investments most people make in their lives, and paying off a mortgage is often a years-long endeavor so you want to make sure you are locked into the best deal possible. Finding the right mortgage broker can be vital in saving you money, time, and headache.
We are ready to put in the work
The team at Atlas Crown Mortgage is committed to our clients. After all, your success is our success, so we work diligently to find you the best rates out there. Contact us today to learn how we can help you secure the property of your dreams.