- 1). Research mortgage brokers. Find top mortgage brokers in your state and speak to several of them to get a feel for their experience, fees, and their willingness to spend time on your particular mortgage. One site to check out is 100 mortgages. See Resources for link.
- 2). Discuss brokers fees. Make sure to go into detail about your broker's fees after deciding with whom to go. Make sure there are no surprises and that you have a full comprehension of any extra fees that you will end up paying.
- 3). Sign an agreement. Your broker will ask you to sign an agreement explaining your relationship, the fees involved, and the process to be undertaken. If you have done your research and feel comfortable with the mortgage broker, you should feel comfortable signing such an agreement. Make sure you have read the document and understand what you are agreeing to.
- 4). Be upfront with your broker about your needs. Tell your broker if there are any special issues that are making your mortgage search extra difficult. You may have bad credit or simply want a loan with extra flexibility. Discuss any vulnerabilities with your broker so that he can best help you, and ask what kind of mortgage would best suit your needs.
- 5). Understand your loan agreement. Just because you have a mortgage broker working for you does not mean that you can stop paying attention. Keep an eye on interest rates (bankrate has good resources for this) and read the final loan document closely. Ask questions if there is anything that you do not understand and feel free to go elsewhere if your mortgage broker is not living up to his end of the deal.
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