How to find a reputable mortgage broker - If you are looking for a mortgage and need the services of a reputable mortgage broker there are many ways to find one. You can do an internet search for a mortgage broker in your city. You can also look in the phone book under mortgages.
An Internet search for mortgage brokers in your area may also yield good results. Most professional mortgage brokers will have a website and spend some time optimizing it for the Internet.
It is a good idea to check with any applicable Mortgage Professional Associations, when looking for a reputable mortgage broker. For example Mortgage Bankers Association(MBA), the National Association of Mortgage Brokers(NAMB), and in California, the California Association of Mortgage Brokers(CAMB) - And many others located Nation wide.
In most states, mortgage brokers are licensed by the state government. Always make sure that your mortgage broker has a current, valid and proper license. In addition, in many states it is easy to check if the broker has had any violations recorded against his license.
Ask the broker for references. If a broker cannot or will not give you references then its time to continue the search.
You may also have your realtor or any friends or family members refer you to a mortgage broker they have used in the past.
Reputable mortgage brokers charge rates and fees that do not vary based on age, gender, race, religion, or national origin. If you feel you have been discriminated against contact your state licensing authority to file a complaint.
Make sure when searching for a broker that you first find a good, knowledgeable broker that makes you feel at ease, has knowledge of the programs available, and is someone that you can work with. Once you find this then it is time to talk rates and fees but make sure and find a good broker first.
Interview your broker. If you have had credit problems in the past or have other issues that may prevent you from qualifying for the best rate, ask if your broker has experience working with clients in your situation. If so, ask how they handled similar situations to yours in the past.
If you are going to shop around be sure that you ask the same questions of each broker. Make sure that the broker knows what mortgage interest rates are based on, what the next economic report is that could cause interest rates to move (either up or down), when the "Fed" changes interest rates how this affects mortgage rates, AND if the broker has real time access to interest rates? Each of these four questions will have a profound impact on what your rate is and what it will be!
Reputable mortgage companies - When looking for a reputable mortgage company, make sure to check out a companys references. Talk to former clients, and see how they were treated.
One of the best ways to find any potential challenges with a company is to simply "Google" them. People will always post horror stories about companies on the internet as a small way of exacting revengr.
One way to help you research as to whether a mortgage company is reputable or not would be to call the licensing entity for that mortgage company. Just about all of the states in the country have a central licensing agency that is responsible for maintaining, monitoring and renewing the licenses of mortgage professionals and mortgage companies. Ask them about the company you are considering doing business with and see if they have any information they can provide to help you with your decision.
Ask your mortgage representative for some references of recently closed loans. Ask as well if there are any real estate agents, attorneys, and other professionals that would give them a reference.
The Better Business Bureau is another great resource to check. There is a rating system that grades businesses. You can also view complaints against the company, and see how they handeled the situation.
Taking a little time to check out a company can save you lots of money! Check with the better business bureau, ripoffreport.com and a google search for mortgage fraud and see if you see them listed.
Always make sure the company you are dealing with is licensed in the state your property is located in
You can always look up a company on the Better Business Bureau to see if any complaints have been filed against that company.
Keep in mind that if a mortgage company offers you an interest rate that is too good to be true, it may be a bait and switch. Compare the loan product with and consult other companies. Other mortgage professionals can often identify bait and switch tactics.
On the internet, mortgage companies can be hard to differentiate.
The better business bureau is a good place to start, but keep in mind that the better business bureau is a "paid" organization. That means that a mortgage company can't join unless they pay dues every year. The only requirement to be a member of the better business bureau is to be up to date on your dues. The bbb does not check a company out before letting them join. They just make sure the check clears the bank.
We are one of the few branch companies that doesn't pad our sheets. Anyone care to test lending rate sheets???
Also another good way to check companies is to brush up on the laws and see when companies break them or when they are in the mortgage news with million dollar fines.
10-99 is illegal and so is cobrokering. These 2 are a top anyones laundry list.