Finding Professional Mortgage Assistance
Mortgages can be complicated. You have enough to think about
during the home buying process, so take advantage of professionals
that can help you with your loans. You may be familiar with mortgage
companies, also called lenders, but perhaps you are not sure what
brokers can do for you, or when lawyers would be of assistance.
A Mortgage Broker is a third party that helps you find mortgage
companies with different loan programs and relays the information
to you. Basically, the broker does the mortgage hunt for you,
using your specifications and requirements. The broker is not
a lender him or herself, the person is simply finding companies
that have loans that will meet your needs (and is an expert in
doing so). Maybe it will help to think of this person as a “mortgage
When choosing a mortgage broker, you may want to investigate
the broker’s reputation and history. Talk to friends, coworkers
or neighbors. Find out how many companies the broker does business
with, if they are representative or if they are just companies
in a relationship with the broker. Before hiring the broker you
may want to speak to him or her and ask some questions. Make sure
the person is knowledgeable about loan programs, and is able to
explain the minute details and differences betweens the loans.
If you choose to choose a lender yourself, definitely make sure
you have researched the company and talked to trusted friends
or acquaintances about their experience. Do not just pick an advertisement
that says it offers a low mortgage rate or low interest rate.
As you are probably aware, ads are very deceiving and there are
always tricks or catches. You are much better choosing a good
company who has realistic programs and prices over a bad company
who makes false promises.
Once you talk to a lender, sit down with one of the professionals
and ask them as many questions as you have. Make sure they know
the world of mortgage in minute detail and that are above reproach
in their business dealings. A lender should not sound like a sales
person, rather someone genuinely interested in serving your home
Also know that your loan does not need to be sent away, so you
will want to choose a local mortgage company. In addition to making
sure the company checks out, make sure their prices are competitive.
After all, that is the bottom line. The price must be right.
So when do you need a lawyer? Well, lawyers are not always needed.
Lawyers are there to assist you if you have any concerns or questions
about the legalities of purchasing your home or the mortgage.
You should not ask just anyone for legal advice.
It is a lawyer’s job only. If your purchase is not covered
by a standard contract you definitely need an attorney. If your
contract is untraditional or there are exceptions or strange circumstances
involved in your particular transaction, the more need there is
for a legal expert. You may trust the seller and/or the lender,
but it is better to be safe than sorry.