Four Questions to Ask Your Mortgage Broker in Florida
If you are in the market for buying a house in Florida it is important that you find a mortgage broker who you are comfortable with. You also need to feel certain that your mortgage broker will do all they can to meets your needs and your budget.
It’s important to establish a trusting relationship with your mortgage broker in Florida so that you are comfortable and you get a mortgage you are comfortable with. To help you make the best decision, here a couple of questions you need to ask your broker beforehand:
Can I see your references?
The typical situation usually involves finding your mortgage broker through a friend, but if you are on your own – always ask for references. Ask for the name and phone numbers of the last three clients the broker dealt with. When calling those references you want to ask them how they were treated by the mortgage broker and if the good faith estimate they were given for closing costs was accurate. You can also check the reputation of the company they work for. Read here and answer Does My Florida Mortgage Loan Company Work for Me?
How long have you been in business?
Of course you need to ask yourself how long is long enough. A mortgage broker that is new to the business can still offer you a good deal and do a very nice job for you. However it is usually better to work with a mortgage broker that has been in the business through good times as well as bad. Mortgage brokers that have been in the business for at least three years are probably your safest bet.
How do you receive payment?
There are two ways that most brokers are paid, one is through fees and the other is through yield spread premiums. The broker fees are typically referred to as points. One point is the equivalent of 1% of the loan amount. You can find this information listed in the lender’s origination fee or as broker commission. Other fees to look for that are sometimes associated with broker fees are funding, processing, and document preparation.
How will you handle the rate locks?
There are brokers that play games with rate locks. This happens when you tell the broker that you want to lock a certain rate on a certain day and the broker tells you over the phone the rate is locked, but in actuality that broker doesn’t lock the rate hoping that the rates will actually go down before the closing date you have set. Make sure to use clear communication so you understand where each of you is coming from.
Find more information you’ll want before picking a Florida Mortgage Loan Company.
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