\n![\"Mortgage](\"https:\/\/i0.wp.com\/www.househunt.com\/news-realestate\/wp-content\/uploads\/2016\/04\/shutterstock_274686614.jpg?resize=320%2C214&ssl=1\")
Mortgage Brokers are often referred business by real estate agents and have long-standing relationships with them. \u00a0Like most professionals within a service industry, they also specialize in a specific type of program like USDA or FHA programs which should arise from their experience in past transactions using that loan type. \u00a0Either way, the goal for a mortgage broker should be to save you the most money based on your specific lending requirements.<\/strong><\/span><\/h5>\nOne common question home buyers have is whether or not they should use a mortgage broker referred by their real estate agent. \u00a0Good Question<\/em>. \u00a0Typically you\u2019ve selected the real estate agent because you trust them to act in your best interest throughout your transaction; but can you trust them to be sure your mortgage broker is the one that you should be using to maximize your savings? More often than not, if you\u2019ve selected a trustworthy and reputable REALTOR, they will also refer you a mortgage broker that is right for you. \u00a0In the event that you still feel uneasy, here are some red flags to watch out for when using your real estate agent\u2019s\u00a0mortgage broker.<\/h5>\n#1<\/strong><\/span>\u00a0It\u2019s important for you to know that your home purchase can fall apart over choosing a #MortgageBroker\u00a0that doesn\u2019t act in your best interest, or doesn\u2019t have the experience to obtain the best loan program for you. If you feel pressured to use the mortgage broker your real estate agent\u00a0has picked out for you, this is a red flag to ask more questions or do a little research of your own.<\/h5>\nExample:<\/strong> \u00a0A home buyer feels pressured to use a specific mortgage broker and therefore does not explore all possible options. \u00a0The lender that mortgage broker works with is not able to close within 50 days. \u00a0The seller decides against selling the home to that client and because the broker had not explored all loan options available, the client lost the opportunity to purchase that home. \u00a0The upsetting part is the client was qualified to obtain a loan well within that time frame, but felt powerless to do so.<\/h5>\n#2:<\/span>\u00a0\u00a0<\/strong>You are not given legitimate reasons as to why your agent has referred the mortgage broker. \u00a0Good reasons include past experience in successfully closing one or more transactions with that broker or \u00a0the broker specializes in the type of loan your real estate agent thinks would work best for you.<\/h5>\n#3:<\/span><\/strong>\u00a0You aren\u2019t able to verify that the mortgage broker is a licensed professional in the state your transaction is being performed. \u00a0Many mortgage brokers are licensed in several states You can do this by going to\u00a0http:\/\/www.nmlsconsumeraccess.org.<\/h5>\n#4: \u00a0\u00a0<\/span><\/strong>You are not provided testimonials or references\u00a0<\/span><\/span>upon request and are not able to contact the mortgage broker directly. \u00a0When a real estate agent\u00a0has your best interests you will know it. They will truly care about you as an individual vs. their bank account by providing top notch customer service. \u00a0Part of that service means making you feel comfortable throughout the transaction. \u00a0Obtaining references and testimonials is a must and any reputable broker would be happy to provide them.<\/h5>\n#5: \u00a0\u00a0<\/span><\/strong>Granted a real estate agent is not supposed to know\u00a0about obtaining a mortgage loan\u00a0at the same level of a good mortgage professional, but they should certainly know enough to select a good one for you. \u00a0If your realtor seems to be unsure about basic topics like getting pre-qualified to purchase a home, what information you will need to provide a lender, what general loan programs are available to home buyers, etc. then you are right to question whether they have asked the right questions themselves.<\/span><\/h5>\n
\n![\"shutterstock_294415232\"](\"https:\/\/i0.wp.com\/www.househunt.com\/news-realestate\/wp-content\/uploads\/2016\/04\/shutterstock_294415232.jpg?resize=333%2C239&ssl=1\")
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\n<\/span><\/h5>\nWhat questions can you ask the lender directly?<\/span><\/strong><\/h5>\n\n- \n
Ask your mortgage lender what the best loan options are for you \u2013 they should be able to provide several options with different monthly payments, rates, and down payment options. Other good questions include:<\/h5>\n<\/li>\n
- \n
What types of mortgages do you offer?<\/h5>\n<\/li>\n
- \n
What are the best mortgages for me?<\/h5>\n<\/li>\n
- \n
Are you able to obtain the loan in enough time to close on my transaction?<\/h5>\n<\/li>\n
- \n
How do your rates compare and how does the Annual Percentage Rate translate over time?<\/h5>\n<\/li>\n
- \n
Remember waiting to select a REALTOR or Mortgage Broker until you have found the home of your dreams is too late!<\/h5>\n<\/li>\n<\/ul>\nFinal Thoughts<\/span><\/strong><\/h5>\nTransparency, expertise and the ability to legally perform the transaction in that state are important factors your realtor should consider. \u00a0If you don\u2019t feel these topics are covered when one is referred, it should prompt you to do your own research before proceeding. \u00a0Don\u2019t be afraid to ask direct questions upfront and make sure you feel comfortable that you understand the response.<\/h5>\nA good agent will partner only with reputable mortgage brokers and a good mortgage broker can provide solutions and educate you in a way will put your mind at ease and allow for a timely closing, cost saving, and stress reduction throughout your next real estate purchase.<\/h5>\n<\/h5>\n<\/div>\n<\/div>\n
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#1<\/strong><\/span>\u00a0It\u2019s important for you to know that your home purchase can fall apart over choosing a #MortgageBroker\u00a0that doesn\u2019t act in your best interest, or doesn\u2019t have the experience to obtain the best loan program for you. If you feel pressured to use the mortgage broker your real estate agent\u00a0has picked out for you, this is a red flag to ask more questions or do a little research of your own.<\/h5>\nExample:<\/strong> \u00a0A home buyer feels pressured to use a specific mortgage broker and therefore does not explore all possible options. \u00a0The lender that mortgage broker works with is not able to close within 50 days. \u00a0The seller decides against selling the home to that client and because the broker had not explored all loan options available, the client lost the opportunity to purchase that home. \u00a0The upsetting part is the client was qualified to obtain a loan well within that time frame, but felt powerless to do so.<\/h5>\n#2:<\/span>\u00a0\u00a0<\/strong>You are not given legitimate reasons as to why your agent has referred the mortgage broker. \u00a0Good reasons include past experience in successfully closing one or more transactions with that broker or \u00a0the broker specializes in the type of loan your real estate agent thinks would work best for you.<\/h5>\n#3:<\/span><\/strong>\u00a0You aren\u2019t able to verify that the mortgage broker is a licensed professional in the state your transaction is being performed. \u00a0Many mortgage brokers are licensed in several states You can do this by going to\u00a0http:\/\/www.nmlsconsumeraccess.org.<\/h5>\n#4: \u00a0\u00a0<\/span><\/strong>You are not provided testimonials or references\u00a0<\/span><\/span>upon request and are not able to contact the mortgage broker directly. \u00a0When a real estate agent\u00a0has your best interests you will know it. They will truly care about you as an individual vs. their bank account by providing top notch customer service. \u00a0Part of that service means making you feel comfortable throughout the transaction. \u00a0Obtaining references and testimonials is a must and any reputable broker would be happy to provide them.<\/h5>\n#5: \u00a0\u00a0<\/span><\/strong>Granted a real estate agent is not supposed to know\u00a0about obtaining a mortgage loan\u00a0at the same level of a good mortgage professional, but they should certainly know enough to select a good one for you. \u00a0If your realtor seems to be unsure about basic topics like getting pre-qualified to purchase a home, what information you will need to provide a lender, what general loan programs are available to home buyers, etc. then you are right to question whether they have asked the right questions themselves.<\/span><\/h5>\n
\n
\n<\/span>
\n<\/span><\/h5>\nWhat questions can you ask the lender directly?<\/span><\/strong><\/h5>\n\n- \n
Ask your mortgage lender what the best loan options are for you \u2013 they should be able to provide several options with different monthly payments, rates, and down payment options. Other good questions include:<\/h5>\n<\/li>\n
- \n
What types of mortgages do you offer?<\/h5>\n<\/li>\n
- \n
What are the best mortgages for me?<\/h5>\n<\/li>\n
- \n
Are you able to obtain the loan in enough time to close on my transaction?<\/h5>\n<\/li>\n
- \n
How do your rates compare and how does the Annual Percentage Rate translate over time?<\/h5>\n<\/li>\n
- \n
Remember waiting to select a REALTOR or Mortgage Broker until you have found the home of your dreams is too late!<\/h5>\n<\/li>\n<\/ul>\nFinal Thoughts<\/span><\/strong><\/h5>\nTransparency, expertise and the ability to legally perform the transaction in that state are important factors your realtor should consider. \u00a0If you don\u2019t feel these topics are covered when one is referred, it should prompt you to do your own research before proceeding. \u00a0Don\u2019t be afraid to ask direct questions upfront and make sure you feel comfortable that you understand the response.<\/h5>\nA good agent will partner only with reputable mortgage brokers and a good mortgage broker can provide solutions and educate you in a way will put your mind at ease and allow for a timely closing, cost saving, and stress reduction throughout your next real estate purchase.<\/h5>\n<\/h5>\n<\/div>\n<\/div>\n
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#2:<\/span>\u00a0\u00a0<\/strong>You are not given legitimate reasons as to why your agent has referred the mortgage broker. \u00a0Good reasons include past experience in successfully closing one or more transactions with that broker or \u00a0the broker specializes in the type of loan your real estate agent thinks would work best for you.<\/h5>\n#3:<\/span><\/strong>\u00a0You aren\u2019t able to verify that the mortgage broker is a licensed professional in the state your transaction is being performed. \u00a0Many mortgage brokers are licensed in several states You can do this by going to\u00a0http:\/\/www.nmlsconsumeraccess.org.<\/h5>\n#4: \u00a0\u00a0<\/span><\/strong>You are not provided testimonials or references\u00a0<\/span><\/span>upon request and are not able to contact the mortgage broker directly. \u00a0When a real estate agent\u00a0has your best interests you will know it. They will truly care about you as an individual vs. their bank account by providing top notch customer service. \u00a0Part of that service means making you feel comfortable throughout the transaction. \u00a0Obtaining references and testimonials is a must and any reputable broker would be happy to provide them.<\/h5>\n#5: \u00a0\u00a0<\/span><\/strong>Granted a real estate agent is not supposed to know\u00a0about obtaining a mortgage loan\u00a0at the same level of a good mortgage professional, but they should certainly know enough to select a good one for you. \u00a0If your realtor seems to be unsure about basic topics like getting pre-qualified to purchase a home, what information you will need to provide a lender, what general loan programs are available to home buyers, etc. then you are right to question whether they have asked the right questions themselves.<\/span><\/h5>\n
\n
\n<\/span>
\n<\/span><\/h5>\nWhat questions can you ask the lender directly?<\/span><\/strong><\/h5>\n\n- \n
Ask your mortgage lender what the best loan options are for you \u2013 they should be able to provide several options with different monthly payments, rates, and down payment options. Other good questions include:<\/h5>\n<\/li>\n
- \n
What types of mortgages do you offer?<\/h5>\n<\/li>\n
- \n
What are the best mortgages for me?<\/h5>\n<\/li>\n
- \n
Are you able to obtain the loan in enough time to close on my transaction?<\/h5>\n<\/li>\n
- \n
How do your rates compare and how does the Annual Percentage Rate translate over time?<\/h5>\n<\/li>\n
- \n
Remember waiting to select a REALTOR or Mortgage Broker until you have found the home of your dreams is too late!<\/h5>\n<\/li>\n<\/ul>\nFinal Thoughts<\/span><\/strong><\/h5>\nTransparency, expertise and the ability to legally perform the transaction in that state are important factors your realtor should consider. \u00a0If you don\u2019t feel these topics are covered when one is referred, it should prompt you to do your own research before proceeding. \u00a0Don\u2019t be afraid to ask direct questions upfront and make sure you feel comfortable that you understand the response.<\/h5>\nA good agent will partner only with reputable mortgage brokers and a good mortgage broker can provide solutions and educate you in a way will put your mind at ease and allow for a timely closing, cost saving, and stress reduction throughout your next real estate purchase.<\/h5>\n<\/h5>\n<\/div>\n<\/div>\n
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#4: \u00a0\u00a0<\/span><\/strong>You are not provided testimonials or references\u00a0<\/span><\/span>upon request and are not able to contact the mortgage broker directly. \u00a0When a real estate agent\u00a0has your best interests you will know it. They will truly care about you as an individual vs. their bank account by providing top notch customer service. \u00a0Part of that service means making you feel comfortable throughout the transaction. \u00a0Obtaining references and testimonials is a must and any reputable broker would be happy to provide them.<\/h5>\n#5: \u00a0\u00a0<\/span><\/strong>Granted a real estate agent is not supposed to know\u00a0about obtaining a mortgage loan\u00a0at the same level of a good mortgage professional, but they should certainly know enough to select a good one for you. \u00a0If your realtor seems to be unsure about basic topics like getting pre-qualified to purchase a home, what information you will need to provide a lender, what general loan programs are available to home buyers, etc. then you are right to question whether they have asked the right questions themselves.<\/span><\/h5>\n
\n
\n<\/span>
\n<\/span><\/h5>\nWhat questions can you ask the lender directly?<\/span><\/strong><\/h5>\n\n- \n
Ask your mortgage lender what the best loan options are for you \u2013 they should be able to provide several options with different monthly payments, rates, and down payment options. Other good questions include:<\/h5>\n<\/li>\n
- \n
What types of mortgages do you offer?<\/h5>\n<\/li>\n
- \n
What are the best mortgages for me?<\/h5>\n<\/li>\n
- \n
Are you able to obtain the loan in enough time to close on my transaction?<\/h5>\n<\/li>\n
- \n
How do your rates compare and how does the Annual Percentage Rate translate over time?<\/h5>\n<\/li>\n
- \n
Remember waiting to select a REALTOR or Mortgage Broker until you have found the home of your dreams is too late!<\/h5>\n<\/li>\n<\/ul>\nFinal Thoughts<\/span><\/strong><\/h5>\nTransparency, expertise and the ability to legally perform the transaction in that state are important factors your realtor should consider. \u00a0If you don\u2019t feel these topics are covered when one is referred, it should prompt you to do your own research before proceeding. \u00a0Don\u2019t be afraid to ask direct questions upfront and make sure you feel comfortable that you understand the response.<\/h5>\nA good agent will partner only with reputable mortgage brokers and a good mortgage broker can provide solutions and educate you in a way will put your mind at ease and allow for a timely closing, cost saving, and stress reduction throughout your next real estate purchase.<\/h5>\n<\/h5>\n<\/div>\n<\/div>\n
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\n
\n<\/span>
\n<\/span><\/h5>\nWhat questions can you ask the lender directly?<\/span><\/strong><\/h5>\n\n- \n
Ask your mortgage lender what the best loan options are for you \u2013 they should be able to provide several options with different monthly payments, rates, and down payment options. Other good questions include:<\/h5>\n<\/li>\n
- \n
What types of mortgages do you offer?<\/h5>\n<\/li>\n
- \n
What are the best mortgages for me?<\/h5>\n<\/li>\n
- \n
Are you able to obtain the loan in enough time to close on my transaction?<\/h5>\n<\/li>\n
- \n
How do your rates compare and how does the Annual Percentage Rate translate over time?<\/h5>\n<\/li>\n
- \n
Remember waiting to select a REALTOR or Mortgage Broker until you have found the home of your dreams is too late!<\/h5>\n<\/li>\n<\/ul>\nFinal Thoughts<\/span><\/strong><\/h5>\nTransparency, expertise and the ability to legally perform the transaction in that state are important factors your realtor should consider. \u00a0If you don\u2019t feel these topics are covered when one is referred, it should prompt you to do your own research before proceeding. \u00a0Don\u2019t be afraid to ask direct questions upfront and make sure you feel comfortable that you understand the response.<\/h5>\nA good agent will partner only with reputable mortgage brokers and a good mortgage broker can provide solutions and educate you in a way will put your mind at ease and allow for a timely closing, cost saving, and stress reduction throughout your next real estate purchase.<\/h5>\n<\/h5>\n<\/div>\n<\/div>\n
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- \n
Ask your mortgage lender what the best loan options are for you \u2013 they should be able to provide several options with different monthly payments, rates, and down payment options. Other good questions include:<\/h5>\n<\/li>\n
- \n
What types of mortgages do you offer?<\/h5>\n<\/li>\n
- \n
What are the best mortgages for me?<\/h5>\n<\/li>\n
- \n
Are you able to obtain the loan in enough time to close on my transaction?<\/h5>\n<\/li>\n
- \n
How do your rates compare and how does the Annual Percentage Rate translate over time?<\/h5>\n<\/li>\n
- \n
Remember waiting to select a REALTOR or Mortgage Broker until you have found the home of your dreams is too late!<\/h5>\n<\/li>\n<\/ul>\n
Final Thoughts<\/span><\/strong><\/h5>\n
Transparency, expertise and the ability to legally perform the transaction in that state are important factors your realtor should consider. \u00a0If you don\u2019t feel these topics are covered when one is referred, it should prompt you to do your own research before proceeding. \u00a0Don\u2019t be afraid to ask direct questions upfront and make sure you feel comfortable that you understand the response.<\/h5>\n
A good agent will partner only with reputable mortgage brokers and a good mortgage broker can provide solutions and educate you in a way will put your mind at ease and allow for a timely closing, cost saving, and stress reduction throughout your next real estate purchase.<\/h5>\n
<\/h5>\n<\/div>\n<\/div>\n
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