How To Find A Mortgage Lender or Broker

The right mortgage lender or broker must be someone who understands you and your financial situation. You want someone who can explain your choices clearly. The initial type of broker or lender is someone who you think you feel at ease at when they are around.

As a realtor, I can help you find a good lender or broker. If you decide not to, you can also ask friends, family, or coworkers if they know someone they trust. Always start with your circle first because a recommendation from someone you know is sometimes the best way to find a mortgage broker or lender who is reliable.

Also, look up mortgage pros online. Read reviews, check if they are licensed, and see how long they’ve been working in the field. You can tell if a person is the ideal one for you when he/she has been a longtime broker or lender and that a lot of people wrote reviews and would recommend them.

When you talk to a mortgage broker or lender, make sure they are easy to reach and explain things in a way that makes sense to you. Make sure that they are communicative and would answer your questions right away. You don’t want someone who is difficult to reach or someone who takes a long time to get a response.

Questions to Ask When Talking to Lenders and Brokers

Don’t be afraid to talk to more than one lender or broker because this will give you a general idea. Asking the right questions can help you choose the best fit for you such as:

 • What fees will I need to pay?
• What types of loans do I qualify for?
• What interest rates are available?
• Can I lock in a rate? Does that cost extra?
• What are the closing costs? Can I add those to the loan?
• How much money do I need to bring on closing day?
• How long does the loan process take?
• Are there special loan programs I could use?
• Can you share reviews or references from recent clients?
• How many lenders do you work with? (For mortgage brokers only.)
• How do you get paid? (For mortgage brokers only.)

If possible, write down their answers so you can compare later. It's important to understand how each option fits your budget and timeline.

Difference Between Mortgage Lender and Broker

A lender is usually a bank or credit union that gives you the loan directly. A mortgage broker works with different lenders to find you a loan that matches your needs.

A broker might give you more choices, but make sure you ask how they make money. Some get paid by the lender, and others by you. Always ask so there are no surprises.

Easy Tip:

Tell the mortgage broker or lender that you are a first-time home buyer if indeed you are, then ask them how they can help. Their answer will give you an insight how they can help and support you. If you feel something is off, you can always walk away.

Final Thoughts

Always look for options that can make your mortgage even lower or get a good deal. But, before getting to that part, a mortgage broker or lender can get you access to it.

Take your time to ask questions and compare answers. You deserve someone who’s not only smart but also kind and helpful.

Need help getting started? I’m here to connect you with trusted pros and guide you every step of the way.