Picking the Right Mortgage Lender – Brokers and Agents Should Be Licensed and Registered With the Better Business Bureau

Picking the Right Mortgage Lender – Brokers and Agents Should Be Licensed and Registered With the Better Business Bureau

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(Best Syndication) If you are in the market to buy a home or refinance your home you should evaluate all of your options, including the people you are going to work with. Mortgage brokers can help you along and give you several options with just one inquiry on your credit. This is important because too many credit inquiries on your record can be a negative (see Comment at bottom of article). This could affect your interest rate or whether they want to lend to you in the first place. So the loan broker may be the best option.

Most people don’t drive down to the first dealership when they buy a car. You should not jump at the first bank you drive by as well. There are thousands of interest dollars at stake and it is prudent to do a little shopping first. You want an honest person who is in the business for the long-haul.

But how do you determine which broker is right for you? Find a broker that has an established business. Ask the broker if they are registered with the Better Business Bureau. This could be helpful if there is a problem in the application process.

Brokers must be licensed in the state they are doing business. Typically, the broker will have several agents who work under them and you will want to make sure that the agent is licensed as well. Get the license number and contact your state licensing agency to see if there are any complaints against the agent or broker. In California brokers can be licensed either by the Department of Corporations or the Department of Real Estate.

Finally, you will want to know what type of person you are dealing with. Hopefully he or she is on the ball and keeps track of the details. Ask them if they own a home and what type of financing they have on it. This could give you an idea of how they view financing.

By Steven Potter
Best Syndication Business Writer

Comment: "To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping." http://www.myfico.com/CreditEducation/CreditInquiries.aspx#80

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