MISTAKES PEOPLE MAKE WHEN WORKING WITH A MORTGAGE BROKER
• Not Selecting an Experienced Broker
• One of the biggest mistakes people make when selecting a broker is that they do not pay attention to how experienced the broker is. It is true that personal recommendations are important, but you need to conduct some research to know more about the reputation of your selected broker. A broker with a good list of repeat business and happy clients is more likely to offer you quality service. You need to ensure that the broker is registered with the right organization and is an authorized credit representative.
• Not Checking Fees and Charges
• You will be making a big mistake if you will be selecting a broker without checking their fee structure. Brokers may charge you differently for their service – some brokers may not charge anything because they get their money from the lenders. In case they are not going to charge you, it is still important to know what commission they are going to get from the lenders. If they are going to charge a flat dollar fee, be sure to ask them exactly what it is going to be.