3 Things You Should Find Out From Your Mortgage Broker

Looking for the best home mortgage lenders is in no way easy—you’re bound to jump through many hoops and apply for countless mortgages and still not land a good deal! 

The hunt for the best home loan for your financial situation is crucial, as the amount you get will determine what kind of home you’re allowed to purchase and how much your monthly payments will be once you’ve owned a residential property. So, what do you do to ensure that you get the best mortgage possible?

The key is in the mortgage broker you work with!

Broker Your Way to the Best Mortgage Deal

When shopping for a mortgage, many experts recommend using a mortgage broker, as they can help manage the loan process for you. Once they’ve educated themselves on your financial standing, they can connect you with a lender who is a good fit and offers an acceptable interest rate.

Besides acting as a middleman, a great mortgage broker, such as us at EST Home Mortgage, can provide you with various loan choices and interest rate options and help you navigate through them. Depending on the mortgage broker you hire, they may have access to great rates you wouldn’t know about otherwise. 

Whether this is your first or nth time looking for a home loan, having a mortgage broker on your team will always make the process much easier!

What to Know From Your Mortgage Broker

If you’ve decided to work with a mortgage broker, then you’ve made the right choice! However, this is only the beginning of the lengthy process. Keep in mind that you and your broker are a team—for them to be able to do their job well, you need to cooperate with them.

To find the best home loan, make sure to find out the following from your mortgage broker:

The Best Loan Type

There are countless loan products on the market, but a good mortgage broker will know how to pick out the best one among them that’s right for you. Your broker should have a good understanding of your financial situation before recommending a type of loan.

Make sure to have your broker provide a thorough explanation of the pros and cons of fixed-rate loans, interest-only loans, adjustable-rate loans, and other loans to find out which one fits your personal circumstances best.

The Down Payment

Remember to consult your mortgage lender about the amount of money you need to put down. Most home loans will require you to pay for at least 20 percent of the loan, but this isn’t always the case. If you’re well-qualified, and if your mortgage broker has found the best loan, you may just have to pay as little as three percent!

The Interest Rate

Once you’ve found the best mortgage broker in Kalamazoo, make sure to ask them for the direct interest rate quote of your loan options. Since the annual percentage rate (APR) will account for fees and various loan charges, you will be able to better compare and shop around for different mortgage rates.

Conclusion

Searching for the right home loan is challenging, but when you have the best mortgage broker in Kalamazoo, you’re sure to find the loan of your dreams! Who knows, you may just be a broker away from the perfect mortgage deal. Make sure to ask your broker the right questions and cooperate with them so that you can find the best home loan!

Are you struggling to find the best mortgage rates for your circumstances? Then, leave it to the best mortgage broker in Kalamazoo to do the job for you! We, EST Home Mortgage, are a full-service independent mortgage broker specializing in helping families find their best mortgage with the lowest rate and personalized service. Get started today!