CREST Team Blog

In every Industry, when times get tough, all aspects of the industry segment come under scrutiny at some point.  This week it seems the area of the troubled Real Estate Market being analyzed is the Mortgage Broker.  Mortgage Brokers are being called in to question and some banks are even disassociating with them.  Like any area there are some good and some not so good.  And like any other area it is the conusmers responsibility to do their homework.  If you decide a Mortgage Broker is the way to go then make sure you are using a trusted and reputable Mortgage Broker. 

How do you know?  

Start by asking friends and relatives for references.  If they have used a Mortgage Broker in the past you will likely get an earful, whether their experience has been good or bad.  If they had a bad experience with a broker who took too long or changed the terms late in the transaction you will hear about it.  If they used a broker who got a better rate than the borrow could at the same bank you will hear about that as well. 

Don't forget your Real Estate Agent.  Agents are close to many clients who use a variety of lending options.  While there is no guarantee their referals will be good, you at least have a chance of narrowing down the field to a list of good potential mortgage brokers.

Look for options.

Whoever you are using as a lender, if you find terms start to change late in the transaction, look for options.  Work with the Realtors in the transaction and the seller to see if you can negotiate a solution.  More time, change the fees, better rate, or lower payment.  But most importantly, if there are changes that make you feel uncomfortable then look for another lender.  There are too many good lenders and brokers available to settle for a bad loan.