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Finding a Mortgage Broker That’s Right For You

April 19, 2021
Last updated:
November 24, 2021
In This Article

If you are planning to buy a home at some point in the near future, your first step is to get in touch with a mortgage broker to help you secure a home loan. You’ll likely need financial assistance to help finance this big purchase, and a mortgage broker can help with that. 

The mortgage application and approval process can seem like a daunting task, but it doesn’t have to be when you pair up with a seasoned mortgage broker. These professionals will help you find the best type of mortgage product for you and will also help ensure you get the lowest mortgage interest rate possible. 

As such, it’s in your best interests to find a local mortgage broker before you settle on a particular home to buy.

The question is, how do you find a mortgage broker to help you get the mortgage you need when you agree to buy a home? Given the current competitive market, it’s important that the expert you choose is well-versed on the local market that you are looking to buy in while accommodating your specific needs. 

Here are a few tips to follow to help you find the right mortgage broker for you.

Tips to Helping You Find the Right Mortgage Broker

Here are some ways to make sure the lender you choose is best for you:

Ask People You Know

Sometimes the best place to start when it comes to finding a professional mortgage broker to work with is simply to ask people around you, whether it’s family, friends, or co-workers. People who have recently had experience with a particular broker may be willing to share their thoughts and opinions of the people they’ve worked with, which can help you decide which route to take. 

Check Online Reviews

There are certain reliable review sites that you may want to check out, including on Google or Angie’s List. Just keep in mind that not all reviews are either truthful or accurate. The key is to look at as many reviews as possible to gain an overall sense of what the mortgage broker is like rather than focusing on a small handful of reviews.

Improve Your Credit Score

If you have a good credit score, then you should have little trouble securing a mortgage, as long as all of your other financial factors are healthy. But if your credit score is a little on the low side, you may want to take some time to give it a boost before speaking with a mortgage broker. Otherwise, a broker may provide you with suggestions on how to improve your credit score. 

With a better score, your odds of securing a mortgage for the amount that you need at a low interest rate will be much greater. So, be sure to pay all bills on time, refrain from spending too much on your credit card, and resist the temptation to apply for additional credit cards or other loans while you work towards improving your credit score. 

Ask the Right Questions

You’ll get a better sense of what a mortgage broker will be like to work with when you ask certain questions, such as the following:

  • How big should my down payment be?
  • What types of down payment assistance programs are available to me?
  • What mortgage programs do you offer?
  • Which mortgage product would be best for me?
  • What mortgage interest rate can I get approved for?
  • What are all the fees involved?
  • What are the closing costs?
  • How long will it take for my mortgage to close?

Today’s Mortgage Rates

Why Work With a Mortgage Broker?

There are several perks that come with working with a professional mortgage broker:

They work with a variety of lenders. The job of  a mortgage broker is to help you get approved for a mortgage program to help you finance a home purchase. That means they will network with a variety of lenders to find one who will be able to offer you exactly what you need. Compare that to a bank that will only offer you what they have, rather than looking at hundreds of lenders to see what they have to offer. This opens up the possibilities and opportunities for you.

They look out for you. Unlike a bank which only promotes their products and has their revenues in mind, a mortgage broker works for you. That means they have your best interests in mind rather than a lender’s. As such, you’ll be getting the best service customized to your needs.

They’ll negotiate for the best terms. Mortgage brokers are skilled negotiators, and when they speak with various lenders, they’ll barter with them on your behalf to get you the best terms and lowest rates on a mortgage. 

Loan Limits on Mortgage Amounts

When you apply for a home loan, there is a limit to how much you can borrow based on type of mortgage you’re taking out and the county that you are buying your home in. If the loan amount you apply for exceeds this limit, the loan will be considered a “jumbo loan.”

Both conventional and FHA loans have their own specific loan caps that are adjusted every year to reflect the increase in home prices.

For VA loans, loan limits were eliminated in 2020. Having said that, some borrowers may still have to abide by loan limit if they hold a couple of VA loans or defaulted on a VA loan in the past.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans.

Get an Instant Mortgage Rate Quote Today

Need a Mortgage Broker to Buy a Home?

If you need the assistance of a seasoned mortgage professional, Sammamish Mortgage can help. We are a local, family-owned company based in Bellevue, Washington. We serve the entire state, as well as the broader Pacific Northwest region that includes Washington, Colorado, and Oregon. We offer a wide variety of mortgage programs and products with flexible qualification criteria and have been doing so since 1992. Please contact us if you have mortgage-related questions.

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