Referrals are
always a great place to start.
The number one way
to choose a Broker is by personally interviewing them. Pay attention for
signs that your broker is interviewing you! You want someone who actually
cares about how the loan turns out and wants to shape the loan to meet
your specific needs and requests. Ask for any referral notes he or she
might have from past clients. Most importantly, ASK QUESTIONS AND
EXPECT QUESTIONS, "why" and "why do you suggest that" are good places
for you to start.
Get an idea what
current rates are and get a bid from your prospective broker, knowing that
it is only a good estimate and may change. Remember, if you only give
general information, you'll only get a general answer. If you shop for the cheapest
rate first, you may miss the most important aspect of your loan, a good
broker with the best program to meet your needs. An excellent broker can propose a plan tailored to your needs and
advise you along the way. Many people shop rates first, without even
knowing what type of loan that they might need or what type of lender that
will accept their specific situation or loan amount.
Choosing a broker
poorly may cause you to regret the learning curve of someone just quoting
pleasing rates in order to get your business. Inexperience
may cause them to guess in order get your loan, without really knowing
which loan will work for you. When shopping by rates first, many
times it will pay off with surprises & aggravation later. Shop for depth and experience
first, not price! An experienced broker will know which loan works
best for you, saving you time & frustration and that is worth every penny.
Keep your eyes on
the big picture; get the job done fairly and done right the first time.
Anyone can quote the cheapest loan in town, follow through is where
it counts.
