Choose the Right Adviser

How do I choose the right mortgage broker?

The best way is to ask friends and relatives for referrals, but make sure the referring friend has actually used the broker and isn’t just dropping the name of a former college roommate or distant acquaintance. Learn all you can about the broker’s service, communication style, level of knowledge and approach to clients.

Another great referral source: your real estate agent. Ask your agent to give you the names of a few brokers that he or she has worked with and trusts. Some real estate companies offer an in-house mortgage broker as part of their suite of services, but you’re not obligated to go with that company or individual.

To choose the right mortgage broker, it’s wise to interview at least three people to find out what services they offer, how much experience they have, and how they can simplify the process. Don’t forget to check your state’s professional licensing authority to ensure they have current mortgage broker’s licenses in good standing. Also, scope out online reviews or check with the Better Business Bureau to make sure the broker you’re considering has a sound reputation.