Refinance Mortgage Broker: How to Find a Good Mortgage Broker Online

If you are in the market for a new mortgage or are refinancing your existing mortgage, a mortgage broker could help you find the most competitive loan offer. There are risks when using a mortgage broker; you don’t want to overpay for the financing or your broker’s commission. Here are several tips to help you find a good mortgage broker without losing your shirt.

Research Mortgage Brokers Using the Internet

The Internet is an excellent tool for locating and researching mortgage brokers. When you compare mortgage brokers pay close attention to what the broker’s fee is and who pays it. You need to be careful when it comes to broker fees because you don’t want any points you agree to pay going to the broker as a bonus. Remember, a mortgage broker is an individual that refers your business to a lender for a commission. Read all the find print and ask for references before signing an agreement with a mortgage broker.

Carefully Compare Loan Offers

Ask your broker for quotes from a variety of different mortgage lenders. Have the broker request Good Faith Estimates for each mortgage offer you consider. Your mortgage broker has extensive contacts in the mortgage industry and should be able to provide loan offers tailored to your financial situation. This is especially helpful for homeowners with poor credit ratings. When you compare loan offers it is important to do a line by line comparison of the Good Faith Estimate for each mortgage offer you consider.

Choose the Best Mortgage Offer

Once you have decided on the best mortgage offer stay in close communication with your broker and the lender. The mortgage lender will only guarantee the interest rate for a specified period of time. If you are unable to close before the guarantee expires the mortgage lender will raise your interest rate. To learn more about your mortgage options including common mistakes when working with a mortgage broker, register for a free mortgage guidebook.