Finding the right mortgage broker can be simple if you have the right path to follow.  If you don’t, it can be confusing, overwhelming, and cost you thousands of dollars.  Don’t let that happen to you – read on for some tips!

1. Personal Reference – This is a great way to find a mortgage broker.  If you have a friend who has recently had a positive experience with getting a mortgage, this could be your best way to find a good broker.  If you don’t have a personal reference, then ask a Realtor who is closing transactions every month.  Realtors are speaking with mortgage brokers almost daily and they will surely give you a good recommendation.
2. Qualify Them – Do they work part-time in the business or full-time?  Do they have a support staff that can handle any issues that may arise?  You want someone who does this 100% percent of their working time.  As long as the mortgage broker can back up what they say and get you results, that’s what you need.
3. Shop Them – I always recommend shopping mortgage brokers against each other to see who can get you the best rate possible.  Tell them, “Broker A will do it for ‘x’. What can you do for me?  Then go to broker C and do the same thing.  You will quickly learn who wants to earn your business and that’s who you should go with!
4. Don’t Pay Points – In today’s current market with rates so low, you should not need to pay any points for a conventional type of loan (1 Point = 1% of the loan amount paid by you at closing; $200k loan = $2,000 for only 1 point).  If a mortgage broker tells you that you’ll have to pay points – run the other way!  If your loan is not out of the norm, there’s absolutely no reason that you should being paying points out of your pocket to get the loan completed.
5. Foreclosures and Short Sales – Make sure the broker can lend on foreclosed properties or short sales.  In this market it’s very likely that this is the type of property you will end up buying.  Make sure they are up to the task and can close it before you lose it!

For a list of some excellent mortgage brokers I use and that my clients use, please contact me at 239-825-2234 and I’ll gladly share their contact info.

Gabe Mellein is the broker of Gulf Pointe Properties,   He has 8 years experience in the SW Florida Real Estate Market.  He is a member of The Naples Area Board of Realtors, Bonita Springs – Estero Association of Realtors, Realtor Association of Greater Fort Myers and the Beach, The Florida Association of Realtors, The National Association of Realtors, and is nationally certified in Feng Shui for Real Estate. Need help Selling, Buying, or with Property Management?  Please contact Gabe for FREE advice at:  239.825.2234, Gabe@GulfPointeProperties.com or www.GulfPointeProperties.com