Searching for a home and applying for a mortgage can be an exciting new step in your life, but it can also be overwhelming. One of the best decisions you can make to simplify the mortgage process is to work with an experienced Queens mortgage broker. It doesn’t matter if you are a first-time homebuyer or it’s your 2nd or 3rd, by allowing a mortgage broker to handle most of the heavy lifting you can speed up and increase your chances of securing the best mortgage for you.
What is a mortgage broker?
A mortgage broker is a professional who specializes in the mortgage industry. Their main job is to act as an intermediary between lenders and borrowers. Their expertise is knowing and understanding the needs of each borrower’s unique situation and knowing the various types of mortgage options, the mortgage lenders, and the application and approval process. By matching the appropriate institution and mortgage with the borrower they increase your chances of getting the mortgage that best suits you, and makes the whole process a lot easier.
Benefits of working with a mortgage broker
Mortgage brokers are easier to work with than most institutions. They dedicate their time and attention to each client, and sometimes hold meeting hours and can be reached after the standard work hours.
Mortgage brokers have worked with many mortgage applications. They usually have partners or in-house teams to streamline the entire mortgage process from start to finish.
Mortgage brokers work with multiple lending institutions. They help you to compare the rates and terms of each mortgage, from each lender, You will be far better prepared to choose the mortgage that is the best fit for you.
What to look for in a mortgage broker
When you are looking to hire a mortgage broker in Queens the first thing, you will want to look for is someone who is easy to verify. This is why local and community-based brokers are the best. You can do research online, check reviews, ask them for testimonials, and ask your friends and family if they have heard of your broker.
Next, you will want to ask for a consultation. Don’t be hesitant they will offer you a no-obligation consultation. You can test their knowledge in the industry, ask what lenders they work with, how long they have been in operation, and what kind of clients they typically work with. Also, if you didn’t find anyone that you know for first-hand feedback, you can ask the broker for references.
Finally, you should ask about their fees. Mortgage brokers are compensated either by the borrower or the lender. If the lender pays them it’s a commission, that can usually range from ½ a percent up to 3%. The other option is you, the borrower will be responsible for paying them, and this fee is usually about 1-2%.
The time you will save and the reduced stress will be well worth it, and this is willingly hiring a local mortgage broker in Queens is such a popular decision for so much of the population.
If are considering hiring a mortgage broker in Flushing or Queens, reach out to one of the best established independent mortgage brokers in the area. With operations in New York, New Jersey, and Florida.
R&J Mortgage & Loan Brokers Queens 116-16 Queens Blvd #204, Queens, NY 11375 (718) 520-7000