Picking a Good Broker for Your Mortgage Refinance
To put it quite bluntly – you absolutely, categorically, and without a doubt, can not trust the person taking care of your mortgage refinance. It does not matter if they are employed by some multi-national company or even someone you think of as a friend. Mortgage refinance professionals have far too much power, and it is all too easy for these people to casually decide that ripping you off is a good idea – and not only get away with it, but get thanked for it too.
Why? Well, just like every other salesperson of “blind” products who gets paid a commission (i.e. cars, mattresses, appliances, and other complex big ticket items), that person processing your mortgage refinance is getting paid based on the difference between the rate he can give you on a mortgage refinance according to the lender, and the rate he can sell to you. Yes, that means your broker picks your rate.
Look for a Character
Fortunately, there are a few financial professionals who actually want to help your situation with a mortgage refinance. Since this type is very rare, they will be easy to spot. The great big sign you’re looking for when shopping for your mortgage refinance is someone who treats you differently.
Although brokers typically despise people who shop for the best rate on a mortgage refinance, how they treat you may not bely that fact. Depending on how the mortgage refinance market is doing, you might get a whole bunch of rude people, or quite the opposite may be the majority.
You will be able to tell in the first five minutes of a conversation whether a broker is a keeper for your mortgage refinance, just by keeping your eyes and ears peeled for the one that goes against the grain.