9 Tips for Finding the Best Mortgage Broker
January 14th, 2019
January 14th, 2019
Whether you are shopping for a home in Indianapolis or anywhere in the surrounding region, you will find that there are a number of mortgage brokers and lenders you could potentially choose.
That means that one of your first steps in the home buying process is going to be to identify the mortgage broker in Indianapolis that you want to work with.
How can you be sure you are choosing the best mortgage broker in Indianapolis? Following are some tips to help you in the evaluation process.
If you're looking for the best mortgage lenders in Indianapolis, you might want to rethink that and search instead for the best mortgage brokers.
Mortgage brokers offer a number of key advantages over lenders. If you are not sure what the difference between the two is or you are looking for a list of pros and cons of mortgage brokers, see this recent blog post.
With a mortgage broker on your side, you have access to loan options from a huge network of lenders in your area. The broker saves you time shopping for a loan, and can save you money as well by bringing you the most competitive offers around.
Getting pre-approved for a loan is an important part of the home-buying process, especially if you are on a tight schedule. The best mortgage broker is one that will make it fast and easy for you to get pre-approved.
This helps you understand how much you can afford, which can guide you in the process of shopping for a suitable house. It also enhances your bargaining power and make set easier to strike a deal with the seller.
As one of the key benefits of working with a mortgage broker rather than a direct lender is access to an entire network of lenders, it makes sense to pick one which partners with a large number of companies.
Nevertheless, the largest network is not necessarily the best one if quality suffers. The best mortgage brokers vet the lenders they work with carefully so that their customers are dealing only with qualified lenders with solid credentials, transparent practices, and quality loan products.
Every homebuyer has individual challenges and needs. Many customers are not sure exactly what they need in a loan, and may require recommendations.
Mortgage brokers who offer a wide selection of loan products through their network of lenders have more options to recommend, and may be able to find a more suitable product than a broker with a smaller, more narrowly defined network.
Part of picking the best mortgage broker isn’t just choosing a company which is great in general, but also one which is good for you.
To that end, you should ask any prospective mortgage broker how long it usually takes them to get a customer’s loan application approved.
You should also find out what times and days you can contact the broker, and via what channels. Find out what the standard response time is. This is important not only so you can meet your timetable requirement, but also so that you can communicate clearly and comfortably throughout the process.
At all times, you should be apprised of exactly what is taking place with the mortgage application. Pick a company which is going to give you ongoing updates, keeping you in the loop every step of the way.
Going with a local mortgage broker that knows the real estate market in and around Indianapolis inside and out will go a long way toward helping you to get the most competitive rates and terms on your home loan.
Many homebuyers are aware that they should be dealing with a company that is patient and transparent when it comes to answering questions. But did you know that the best mortgage broker will also ask you quite a few questions as well?
The reason for this is that it helps the broker to get to know you and to understand in depth what you need from a lending product. The more that a broker is willing to ask and listen, the more satisfied you will probably be with the loan you are connected with.
Finally, if you actually find an excellent mortgage broker, you can count on that company to be there for you in the future if you have other lending needs.
A good broker should show an awareness of this, and should strive to make you a long-term customer, putting your satisfaction first at all times.
If you are ready to work with in Indianapolis mortgage broker that is fully dedicated to serving your needs, we would love for you to become our next customer. To schedule a consultation, please give us a call today at (317) 255-0062.
We provide our clients with exceptional service and integrity which has become our hallmark.