Picture this: you're trying to buy a home and on top of all of the other stress that comes with making a financial decision of this size, you're completely in over your head trying to find the best mortgage broker for your purchase. At Reliable Mortgage, we know that feeling firsthand because we've been there ourselves. That's why we've put together this helpful guide to choosing a mortgage broker that is right for you.

What is a mortgage broker?

When it comes to financing the purchase of your new home, whether it’s your first home or your 5th, a good mortgage broker is vital to your success. They work to match you with the mortgage that best meets your needs, while getting you the best possible rate, minimizing associated fees, and maximizing your chances of getting final approval in the time frame that you need. In essence, they do all the hard work on your behalf of shopping for the perfect loan.

With that in mind, it’s easy to see why it’s so essential to find the right mortgage broker when you are in the market for a home. The broker’s own goals, work ethic, and knowledge can all mean the difference between finding yourself with an unfavorable loan and one with an ideal interest rate.



What does a mortgage broker do?

A mortgage broker will work as an intermediary between a homebuyer and a lender — usually a wholesale lender only they have access to — to secure the best loan possible for the borrower. At the beginning of your relationship with the broker, they will review your current financial situation with you. This includes evaluating your credit score and reviewing your income as well as other important financial factors.

A mortgage broker may be particularly helpful for homebuyers that have had difficulties with getting a loan in the past. Because they often have established working relationships with multiple lenders, they can quickly see if there is a product that any of these lenders offers that would allow you to get a home loan despite difficulties in the past. First-time buyers who have never applied for a mortgage before can count on a reliable mortgage broker to help them gather and prepare the necessary documentation needed for a mortgage application, relieving them of a massive amount of stress.

Mortgage Broker Vs. Lender

Mortgage lenders are the ones that lend you the money to purchase your property. The lender is the one that decides whether or not to approve you for a loan and what the terms of that loan will be. To ensure that you are receiving the best offer, it’s crucial that you get quotes from multiple different lenders. This allows you to explore all of your borrowing options.

Mortgage brokers, on the other hand, connect you to various potential lenders, and they’re often lenders you cannot access without a broker. Their main job is to match you with a lender that will provide you with a competitive rate and terms on your mortgage. The best mortgage brokers are able to match their clients to the lender that best suits their needs and gives them the best chance of successfully closing on the house of their dreams.

By using a mortgage broker, many purchasers find that the home buying process is remarkably easier compared to going it alone. Simply provide your financial information to a mortgage broker once, and they can compare countless options for you and help you complete the application process.

The Best Way To Find a Mortgage Broker

Just as it can be a hassle to shop for a lender by yourself, finding a mortgage broker can seem daunting if you don’t have an idea of where to start. You can use the tips below to help you find the best broker for your needs without pulling your hair out.

Conduct Research

As with any important financial decision, it's recommended that you do thorough research. Some ways to go about this include:

• Reaching out to friends and family. Ask those you trust if they have used a mortgage broker before and if so, do they have a specific one that they recommend.
• Getting referrals from your real estate agent. As someone in the industry, your agent is sure to have inside information on which mortgage brokers have the best track record.
• Reading online reviews. Like with any good or service that you are investing in, it’s important to read online reviews from real homebuyers to better understand how a broker operates and if there were any issues that you may need to keep an eye out for.

Compare Brokers

After your research is complete, you should narrow down your list to at least three candidates, then ask them each a variety of questions to determine if the broker is the right match for you. Some questions that you might like to ask are:

• What types of loan options do you work with? One of the many benefits of working with a mortgage broker is that they can provide you with a number of different options from different lenders. However, not every broker works with every type of loan. This means that if there is a specific type of loan that you are looking at, make sure that the broker provides that option.
• What lenders do you work with? The mortgage brokers you choose likely work with a preferred lender(s), making the process both quicker and easier. Some lenders don’t like to work with brokers at all. That being said, if you have a short list of lenders that you would prefer, make sure that your broker works with them before you commit.
• What are your fees? Though many homebuyers may not be aware, mortgage brokers are required by law to disclose their fees. Typically, these fees are 2-3% of the loan amount and are legally not allowed to be more than 3%. This fee acts as the broker’s salary or commission and can either be paid by the borrower or the lender but not both.

Find a Mortgage Broker You Can Trust at Reliable Mortgage

Now that you know everything there is to know about finding the best mortgage broker, it’s time to start your search. However, instead of googling something like "mortgage lender near me" and getting lost in the endless listings, choose a broker that gives you what you actually want: great rates, friendly service, and top-notch execution.

At Reliable Mortgage, we run a purposefully-lean operation. That keeps our overhead down, allowing us to keep your rates lower than our competition. We only hire loan officers who love working with people instead of seeing them as just a number. And we have a simple-and-quick process to ensure that we can meet your timeframe with ease.

We pride ourselves on being a name that homebuyers can trust. We work with a variety of lenders to make sure that our clients have access to loan options that fit their unique needs and circumstances. Plus, our team of brokers is experienced and knowledgeable, meaning they can walk you through the entire process from start to finish.

If you’re ready to get started on finding the perfect mortgage for your home purchase, contact us today!