What is a mortgage broker?
In the best case scenario, your broker is a trained professional with many years of industry experience who has your financial well-being at heart. The broker’s goal is to match you with a loan that makes sense, not the one that earns them the highest commission. Unfortunately, some borrowers have suffered negative experiences with an unscrupulous mortgage broker. Because the industry is not widely regulated, it is relatively easy for an individual to hang out their shingle and take advantage of vulnerable clients. Unless you are diligent and willing to do some homework, you run the risk of getting ripped off. For more information read our article about mortgage scams. So, how do you weed out the good from the bad? When shopping for a mortgage broker, keep these simple guidelines in mind, and be sure to ask plenty of questions before making any commitments. Ask around. Talk to friends, colleagues, and family members about their experiences working with a mortgage broker. Positive word
