The Top Six Ways to Locate a Good Mortgage Broker in Oklahoma City
A survey carried out by the National Association of Mortgage Brokers (NAMB) found out that over 60 percent of Americans deal with a mortgage broker at one time in their lives. This is because of their experience and knowledge on different loans available on the market. NAMB further argues that at least 70 percent of these brokers are genuine. However, there is still chaff in the wheat and it is important to know how to separate the two in the quest to find a good mortgage broker in Oklahoma City.
Due to the upsurge of the numbers of these brokers over the last few years, it is important to understand how to weed out the bungling and dishonest ones. The 30 percent can be viewed as those firms that have failed to deliver quality services to their clients.
Here are six tips you can follow in order to avoid the 30 percent.
1.) Do not just believe everything you are told. The best place to start when looking for a broker is through close friends and family. That notwithstanding, it is important to do a background check at the state licensing and regulatory agency.
2.) Use a NAMB approved mortgage broker. Approved brokers must adhere to high ethical standards in the field to maintain the membership. The body has listed all certified brokers on their website.
3.) Consider an UBM (Upfront Mortgage Broker). These brokers usually discuss the fees they will charge in writing on client’s request. In some cases, they do disclose the wholesale cost they receive from lenders.
4.) Honesty is paramount. If a broker suggests that you divulge wrong information on your application to secure the loan, he or she is probably in the 30 percent group. Just walk away.
5.) The broker should show you the cash. If the broker fails to disclose the closing costs in a timely manner, preferably 3 days, it is wise to take your offer elsewhere.
6.) If there is no bleeding, why apply the pressure? If a broker is pushing you to acquire property that you are uncomfortable with, he or she lacks ethics. A great broker will never mount pressure on a client.
After considering all these factors, the next step is to find a broker that cares about your future objectives. Such mortgage broker in Oklahoma City will want to know your current financial status so that they can offer a package that fits your long-term budget.
Finally, if you feel comfortable that whomever you are working with has addressed all those concerns and issues, you may have found a great mortgage broker in Oklahoma City.
Mortgage Broker in Oklahoma City is a great review site that helps you find the absolute best mortgage broker in the Oklahoma City area based on their rates & service. I recommend you check that site out before you decide on a specific mortgage broker.
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