Mortgage Brokers - Find a good one and save a bundle.

So you have decided to buy that new home or refinance your existing home. Now you need to find a professional to help you. A mortgage broker can help you find the best mortgage and complete the mortgage process in a timely manner. But how do you find one that can meet your needs the best? There are some well proven steps in the process that can help you locate a great mortgage broker.

To start with, get a list of people who you know that have recently obtained a mortgage loan. Some may have used lenders directly, but many will have taken the advantages of using a mortgage broker. Try and collect a list of at least 6 mortgage brokers that friends, family, and other acquaintances have used with good success. Be sure to get an individual name rather than just an agency's name. If they have had a good experience in obtaining a great mortgage rate and timely service, then these brokers you will want to consider.

Once you have a list, the next step is to do some basic investigative work. This is quick and without cost, but can save you a lot of trouble and money later. Generally, your state will have a website that lists all licensed mortgage brokers. Search the individual broker's information as it pertains to duration of licensure, number of loans closed, number of employees affiliated with the broker, any consumer complaints, and any imposed fines or regulatory actions. In addition, checking sites such as the Better Business Bureau, and the National Association of Mortgage Brokers will give you additional information about their quality and professionalism.

Visiting the broker's website is also helpful in that it can identify their biography, their mission statement, their local and national professional affiliations, etc. Also look for the thoroughness of their site. Do they update rates and mortgage products regularly? Do they provide informative articles? Each of these areas can help you get a feel of their level of dedication.

You have now completed your preliminary research, and you should have a list of names of solid mortgage brokers who may be able to help you. The next step is the interview each one further to see if they meet your individual needs. First, place a phone call to each broker on your list. When calling a brokerage, again be sure to speak with the specific individual who you have researched. Any broker will be enthusiastic about helping you, but you want the specific person that was referred to you. Begin the phone conversation in a professionally tone and observe the response. You definitely want someone professional as it pertains to your financial information.

In talking with a broker by phone, provide your credit score, the term and rate you would like, the amount of loan you are considering, and your timeline. Be sure not to commit over the phone to any specific mortgage product and do not fill out a Good Faith Estimate over the phone. Remember you are still in the interview process. If the broker satisfies your questions in a professional manner, then the next step is to proceed with a face-to-face interview.

The last step is an appointment with the list of brokers remaining on your list. At this time, you will want to collect a greater degree of information before making your final decision. This will include questions about the Good Faith Estimate, whether the broker can guarantee his fees and the Good Faith Estimate, their closing ratio for applicants, their timeliness, their credit investigation practices, if there are options in choosing title agencies, and others. Because you are still interviewing those on your list, be sure not to complete any applications or to give out your social security number yet. These are only done once you make your final selection.

Once you have completed all of these steps in searching for a mortgage broker, you will then be ready to make your final selection. Through the process, you likely have narrowed down your list to just a few. If you have a tough choice between a couple of reputable brokers, that is a good problem to have. In this situation, it may just come down to whom you have the best rapport. You will be working with your broker closely for several weeks, so this is sometimes very important as well. By taking all of the above factors into consideration, you are much more likely to have an enjoyable mortgage experience and receive the best mortgage deal in the process.