My husband and I have dealt with quite a few mortgage brokers in our lifetime.  Besides the home we live in now, hubby owned his last home, and in addition we tried buying another property recently.  So if you are looking for a mortgage broker, I can give you a few tips.

The first thing is that you should always look for a well-educated broker.  Be sure they know what they are doing and understand the industry!  SAFE mortgage licensing is extremely important, not to mention required by law (see this page on the SAFE Mortgage Licensing Act).  It protects you, the customer, by ensuring that the mortgage broker you are dealing with has the correct NMLS education and is therefore fully qualified to be helping you get a loan.

You should also be sure to shop around.  Often brokers will try to discourage you from doing so by insisting that they’ve got the best deals around.  But don’t forget that your best interests and the broker’s don’t always line up — sometimes a broker may try to deceive you into thinking there aren’t any better deals, because he gets paid a higher commission if he gets you into a certain loan.

A local broker or a friend of a friend are also nice traits to have in a broker, but these things are not necessary.  What is important is that you ensure yo only work with licensed and highly qualified brokers, and that you always shop around — because if you don’t look out for your best interests, who will?

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