When you do a search online for mortgage brokers, you’ll find that there are a ton of them. The tip is that you need to find a quality broker who is actually going to do the right thing, or that is legit and doesn’t care about just getting money in their pocket. Anyone can say they’re a mortgage broker, but if they aren’t a well-established, reputable business, how do you know? Fortunately, we’re going to answer that and give you some advice on how not to get burnt by a mortgage broker who doesn’t have your interests in mind.
Your Broker Suggests Borrowing More than You Should
This is one of the biggest, and most popular warning signs that you should watch out for. If you go to a quality mortgage broker Canberra, they’re going to understand that you may not want to borrow $50,000 for the $30,000 house that needs work. A good mortgage broker may ask if you want to borrow more so that you can do repairs or make modifications to the home you’re buying, but they should never suggest an outrageous amount above what you’re looking to initially borrow.
Good mortgage brokers may give you some tips on borrowing enough to pay for all of the costs and closing fees associated with your home on top of the value, however, so do take note of this. If you ever feel uncomfortable with an amount, speak up. Your broker should be willing to accept that and be concerned about your feelings.
Ask to See the Lender’s List
If you go to a mortgage broker, they often get paid by the lenders that they have contracts with based on a commission. Therefore, you want to ensure that they have a decent sized list. Some people that claim to be mortgage brokers don’t have a list at all, or they will charge a huge fee for their services (while some brokers do charge fees for their service, it shouldn’t be very much since they still get paid a commission based on the lender) and they may be hesitant to show you their list of lenders.
This can be because they don’t have a big list, or they don’t even have one at all. If they are hesitant for the least bit about showing you their lender’s list, this is a big red flag and you need to shop elsewhere.
Be Sure You Get Good Faith Estimates and Don’t Sign Anything Yet
You should never be asked to sign any blank documents, so if you are asked to. Say no quickly and walk away. Also, you need to make sure that you get a good faith estimate, and pay attention to interest rates. If the rates seem too much higher than the average loan, run away fast!
Conclusion
If you think you’ve heard it through the grape vine, think again. Grape Vine Mortgages offers quality rates, and works hard so that you don’t have to when you’re buying a home, or even refinancing your current mortgage. Their expertise is better than anyone in the area, and they have a large list of lenders who prove their reputation.
Author: I’m Jaylin: SEO Expert of Leelija Web Solutions. I am a content manager, and the author of elivestory.com and a full time blogger. Favorite things include my camera, travelling, caring my fitness, food and my fashion. Email id: [email protected]
