Ok, so your money may be a little tight like most of us. You may look at your options and sift through several house refinance offers you receive in the mail, and may come to realize that maybe you can get a little money from the equity in your home if you refinance your mortgage. So you look at one of the ads you received in the mail or via email, respond to the first offer you see that looks good, and immediately sign up with the mortgage broker you call or email, right? Hopefully your answer is… WRONG.
We have learned through first hand experience that you ALWAYS want to explore your options, as you want to make sure to avoid working with an independent mortgage broker that will try to scam you by adding exorbitant fees to your mortgage, or make you promises they know they can not deliver on. It is not uncommon for an independent mortgage broker or their associates to craft letters or offers that may make you think that you will get a phenomenal rate on your mortgage, but it’s so important that you read the fine print. Often what happens is the letter serves as a means to get you to call into their office, and if you’re not one of the select few who qualify for the mortgage rate as advertised, they will try to convince you that they can get you into a great mortgage product that will work for you. That’s not a problem as long as you avoid committing to working with an independent mortgage broker, until AFTER you get a chance to learn more about their background.
Basic Questions You Should Consider Asking Are:
1) What is the name of your company or company you are associated with?
2) How long have you been a mortgage broker?
3) How long has your company or your associates company been in business?
4) What are your mortgage broker fees?
5) Do you have any references or testimonials available from past clients?
6) What is your contact information?
7) What banks do you work with for loan products you present to your clients?
You should really listen carefully to how the independent mortgage broker you’re talking to answers these questions. If they stumble around answering these questions, you may want to think twice before working with them. If you don’t get straight answers now, you shouldn’t expect them throughout you house refinance process…and you can be left with some very unpleasant surprises at the time you sign your closing documents. Also, you really don’t want to give your personal information out to someone you know nothing about…they could easily defraud you.
Some Options to Consider Are:
1) Look for a second mortgage broker (look until you find a mortgage broker you’re comfortable with…that may mean 3 or 4)
2) Find a good broker… mortgage, remortgage consultant with a proven track record (if you find an independent mortgage broker with no track record…you probably want to keep looking
3) Ask a friend or family member if they would recommend a good mortgage broker they have worked with themselves
The most important point is that you do look at your options BEFORE committing to working with an independent mortgage broker. It’s definitely worth taking some time to do research, it beats the alternative…locking into a mortgage with inflated fees and interest rate for years…or having to deal with fraud.
If you want to avoid mortgage broker scams and find a reputable lender to help you with your house refinance loan, visit …