How to Find a Mortgage Broker

A mortgage broker can shop around for you to find you the best rate on a mortgage or mortgage refinance. While it can be easy to find a mortgage broker, it may not be so easy to find a mortgage broker you can trust.

Difficulty: Moderate

Instructions

Things You'll Need:

• time
• patience
• friends
• internet connection

1. Ask family and friends first. Choosing a mortgage broker is a big decision. Especially ask people you know who have recently moved, but be sure to also ask those who have moved in the last ten years. If someone recommends a mortgage broker they worked with eight years ago, it would definitely be wise to consider that mortgage broker!

2. Ask your Realtor, if you are working with one. Your Realtor is likely to have at least one recommendation for you. If not, your Realtor would most likely be willing to help you find a mortgage broker.

3. If, after trying the above steps, you still come up empty, search your local phone book and the internet to find a mortgage broker. You would probably prefer to have a recommendation from someone you know and trust, but, with extra caution, you can find a reputable mortgage broker online. MortgageLoan.com, for example, may be a good place to start.

4. Once you have found a mortgage broker, ask him or her if you can meet in person before securing a commitment. This way you will get a good feel for how the mortgage broker will treat you as a client. While you're there, ask how the mortgage broker is paid, either up front as part of the closing costs or as a part of your loan?

Tips & Warnings

• Always go with your gut feeling, especially when trying to find a mortgage broker. If something doesn't seem right, don't do it.
• Learn as much as you can about the home-buying process before you even start house-hunting!

Resources

• How to Check Local Mortgage Rates

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on 7/12/2009 5*