Residential Mortgage Broker

What to look for when selecting an ethical Mortgage Broker:

  1. Choosing your Mortgage Broker is as important as choosing your new home. It is the FIRST thing you should do before looking for a new home. A good Mortgage Broker can save you thousands, even tens of thousands, of dollars on your financing; a bad one can cost you just as much, if not more.

  2. Have a Mortgage Broker pre-qualify you for financing before beginning the search for your new home. It will tell you and your real estate agent 1.) What you can afford, 2.) How much you will need for your deposit and reserve funds, and 3.) If you have any credit issues that first need to be resolved.

  3. Choose a Mortgage Broker who will personally meet with you, either at the Broker's office or at your home.

  4. Select a licensed Mortgage Broker with an established mortgage company. Ask how long the Broker and the company have been in business and with which lenders they're approved to broker loans. Don't be afraid to ask the Mortgage Broker for his or her state and local license numbers.

  5. Select a Mortgage Broker who is approved with a number of different lenders and who will search those lenders to find you the most favorable interest rate and loan terms available to you.

  6. Choose a Mortgage Broker who can and will explain the pros and cons of all the loan option(s) available to you.

  7. Select a Mortgage Broker who can and will tailor your financing to meet your needs, regardless of how little or how much your loan amount may be.

  8. Choose a Mortgage Broker who will help you understand the financing (or refinancing) process. You're paying the Mortgage Broker to secure your financing, but you're also paying him or her to educate you about the process for future reference.

  9. ASK A LOT OF QUESTIONS! Whether you don't understand, aren't sure if you understand, or think you understand something, don't be afraid to ask about it. It's the Mortgage Broker's job to make sure you're well informed.

  10. Select a Mortgage Broker who is easily accessible. You should be able to get a response from your Broker within 24 hours of contacting him or her.

  11. Request a detailed Good Faith Estimate (GFE), which breaks down your estimated closing costs and displays your loan amount, interest rate, and estimated monthly payment.

  12. READ BEFORE YOU SIGN! Before you sign any document, take a moment to read over it, make sure you understand what it says, and make sure the information is entered correctly.

  13. DON'T BE AFRAID TO WALK AWAY AT ANY POINT. If the Mortgage Broker or loan terms do not meet your expectations, then be prepared to walk away, EVEN AT CLOSING. It is better to waste a little time and money than to be locked into unfavorable financing and waste a lot of time and money.

Make sure you understand every aspect, acronym and new term you hear. This is a very big investment for you and your family, so make sure you are comfortable throughout the entire process. Even if you think you understand, make the agent do their job and explain everything to you during the process.

What to avoid when selecting a company in this industry: 

  1. Avoid out-of-state lenders who don't have local representatives. They may not be familiar with state laws and may not have relationships with local companies within the industry. Additionally, there is no one nearby to help you in the event of a problem.

  2. Be careful using E-lenders who are primarily internet-based. Again, they may not have any local representatives to help you in the event of a problem. They also may use attractive interest rates and language in their advertising to get your attention, but you may not qualify for the advertised program(s). No live person may be available to explain the pros and cons of the program(s) you do qualify for.

  3. Avoid any mortgage company that doesn't have a physical street address. You should be able to locate a company's office and, if you desire, meet the Mortgage Broker at his or her place of business.

  4. Avoid Mortgage Brokers who will not personally meet with you. If a Broker wants your business, he or she should be willing to meet with you, and you should be able to look your Broker in the eye.

  5. Avoid Mortgage Brokers who are hard to get in touch with or who don't return your calls in a timely manner. If a Broker doesn't value your business, then there are plenty of others who will.

  6. Avoid Mortgage Brokers who employ high-pressure sales tactics. A Mortgage Broker is providing you a service, NOT selling you a product. Choose a Broker who understands your wants and needs and who will work with you at your pace.

  7. Avoid Mortgage Brokers who can't or won't give you specific answers. If you feel like a Broker is dodging your questions, he or she probably is.

  8. Avoid Mortgage Brokers who won't give you a detailed Good Faith Estimate (GFE). If you're concerned that the GFE you've been given is incomplete or "too good to be true", contact another mortgage company and request an additional GFE for comparison.

  9. Avoid mortgage companies that won't give you a maximum fee guarantee/disclosure.

  10. Avoid mortgage companies that charge excessive upfront application fees. Application fees are usually no more than a few hundred dollars, and many mortgage companies don't even charge one.

  11. Avoid Mortgage Brokers who pull your credit each time they contact a lender regarding your financing. A few (2-3) credit pulls won't hurt your scores, but too many in a short period of time can significantly lower them.

  12. AVOID SIGNING ANY DOCUMENT YOU DON'T UNDERSTAND. You should be given enough time to read over any document you're asked to sign, and the Mortgage Broker should be able to summarize what the document says. If you find any document to be incorrect or unacceptable, then do not sign it.

  13. AVOID ANY MORTGAGE BROKER WHO MAKES YOU UNCOMFORTABLE. Go with your instincts; they're usually correct. If a Mortgage Broker has not earned your confidence after a few conversations or interactions, then find another one. Don't be afraid to terminate your relationship if you feel it's not in your best interest.

 		    

After interviewing and running an extensive background check the National Association Against Consumer Fraud has awarded the following business a listing in The Business A-List:

Creative Mortgage Funding, Inc.

532 W. Church St.
Orlando, FL 32805
Phone (407) 236-0073

We offer Residential and Commercial Financing. Serving Central Florida in the Mortgage Industry since 2003. Creative Mortgage Funding, Inc. Financing Central Florida’s Future!

 

 
 

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