Angela Seard

Mortgage Broker – 3 Things To Consider Before Hiring Anyone

A mortgage broker acts as a conduit between the mortgage lender and the borrower.
A mortgage broker is a certified professional who has the ability to seek out the very best mortgage loan terms for you by accessing their large network of lending institutions.
 Mortgage broker can help you find out how much lending you're likely to get. 

Mortgage Broker – 3 Things To Consider Before Hiring Anyone

When it comes to finding a high quality mortgage broker to assist with any type of loan when it comes to the home that you’re living in, or are looking to buy, things can get quite difficult. There are a great deal of lenders and brokers that you can sift through for days and still not find someone that will meet all your needs. On the surface, all options seem similar, with some backed by large corporations, and some in the private lending circuit. Finding a happy medium between lender and customer service is a rough spot, but it can be done. Consider the following 3 things before you invest in getting fundinng for a home or even getting a private rehab loan.

1. Shop Around – Much like you would shop around for the best price on a car or any other major purchase, you can and should shop around to find the best lender for you. Most often, people omit private lenders, but that can be a great thing to consider in these modern times. Private lending firms can help with rehabbing a house, purchasing a new home, and even refinancing. But before you settle for anyone, make sure that you’re getting rates and quotes as well as options that might help you make a proper decision for your needs.

2. Customer Service – No matter what you decide to do in regards to finding a mortgage broker, you have to make sure that customer service is #1. Without proper customer service, you might end up missing out on the greater good that is found with lending of any type. You won’t want to lose sight of this ideal. Customer service is something that will separate a good broker from a great one.

3. Rates, APR and More – Understanding the rates that are available for you as well as the APR and payment plans is important. This idea goes hand in hand with point #2. A good broker will not only explain rates, policies, and options, they’ll make sure that you have everything you need to make a proper decision. Getting a lot of money for the purpose of purchasing a home or financing repairs is a big deal, and should come with a helping hand, not just a business suit pushing upgrades and other business ideology.

The above 3 things to consider are just a quick batch of things to consider. The decision to request a loan of any sizeable amount can lead many to a frustrated state, which is why it’s more important than ever to weigh options thoroughly before moving forward with hiring anyone. With so many options abounding today, it can be a bit daunting to figure out what will work best for your needs, so make sure that you’re looking at a variety of things before you jump into any old lending situation. Above all else, consider private lending options when getting a mortgage as they are often times overlooked and can provide a great solution for your overall needs.

Even experienced investors routinely underestimate repair costs, and in doing so, they often sacrifice what would have been healthy profits. Remember, you make your money on a deal when you buy, not when you sell, so before signing your name to the dotted line, be sure to do a thorough room-by-room repairs assessment. Write down everything that needs to be fixed or replaced, and then take your list to Home Depot or Lowe’s and total the bill. For labor, anticipate between $0.50 and $1.00 of installation cost per dollar spent on materials – and then add 10 to 20% percent to the total. This way, you are unlikely to underestimate the costs and you will be sure to make an offer that allows you to turn a handsome profit. For older houses, add as much as 30% to 50% to the total, for the “Hoffa” factor (the chance that you will find Jimmy Hoffa buried inside the walls!).

TIP: Think in terms of even numbers – $10,000, $15,000, $20,000. Amateurs always guess $12,430.00, which should be rounded to $15,000. Amateur golfers make the same mistake, always missing the green short on their approach shot, ending up in a sand trap. Always take an extra

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