In real estate industry, there is a famous theory is Location, Location, and Location. In mortgage industry, there is another theory is Compare, Compare, and Compare!
You need to compare at least 3 mortgage brokers, 3 banks and need to search on Google, Yahoo and Bing Search Engines to find out what the lowest rate is for your preferred term. Do NOT sign and submit any application before you make the final decision. You can call, visit or search on the Internet. BUT, you also need to compare the conditions of each mortgage rate to find out whether those conditions may influence your family financial and real estate plan in the contract term. Other than it, you need to find a good professional mortgage broker to be your family’s financial consultant. You need to focus on 3 points:
- Transparent: All information disclosed is clear and transparent, especial the rates. You can visit the mortgage broker or agent’s website to find out whether they treat the same to everybody. If they publish just bank’s rates, mostly they try to quote different rates to different people based on people’s knowing for mortgage rates. So Do NOT use those kinds of mortgage brokers or agents who quote higher rates initially and use matching policy later, because those brokers or agents always try to get more profits from you. Today you know other lower rates, those brokers or agents can match it. How will they quote you if you don’t know the lower rates tomorrow?
- Honest: Some brokers or agents always say “No Problem” and “Low Rates”, whatever you are qualified or not. They usually use this strategy to stick you until just several days before closing date, then you will be told “Sorry, the lender declined this rate. But I have a higher rate for you…”. At that time, most borrowers don’t have any time to switch to other mortgage brokers. So, try to trust and use the mortgage broker or agent who tells you the truth at the beginning, even though mostly the truth is HARSH.
- Professional: Have enough mortgage and financial knowledge, experience with good working attitude. Mostly the mortgage brokers have more experience and knowledge than the mortgage agents. So selecting the Mortgage Broker will be much safer than selecting the Mortgage Agent.
Once you select your permanent mortgage partner, you can contact him/her and submit application with all support documents that the lender needs.