Online mortgage brokers are redefining the mortgage industry. They are spending up the mortgage application process significantly while simultaneously helping customers save money. Although they are a boon to the mortgage industry as well as mortgage applicants, finding a good online mortgage broker is hard. It doesn’t have to be though. This article will tell you about all the important decisions you need to ask yourself when choosing an online mortgage broker.
Does the online mortgage broker have good customer support?
Online mortgage brokers typically have the mortgage applicant fill out online forms. These online forms are densely filled with financial questions about the mortgage term, mortgage rates, your savings, and more. The problem is that not everyone has an absurd amount of free time to research the legal terms that you haven’t heard before. Misinterpreting a question on an online form can lead to higher fees for the applicant later in the process or issues with the mortgage approval later in the mortgage process. That’s why it is crucial for online mortgage brokers to have good customer support. A reliable customer support team can help mortgage applicants make sense of confusing weirding and uncommon terminology.
What are the online mortgage broker’s fees?
A mortgage broker can earn money in a lot of different ways, and an online mortgage broker is no exception. Each individual mortgage broker, online or otherwise, may have a different set of fees for helping with the mortgage application process. It is definitely a good idea to double-check how an online mortgage broker is paid to make sure they don’t have a bias towards any lender.
Let me explain. If a mortgage lender pays the online mortgage broker for each mortgage that they broker, that’s a huge problem. They could be shepherding you towards a certain lender that may not even be the best fit for you.
What lenders do the site work with?
When you choose a mortgage broker, online or not, you should ask what lenders they work with. Some sites and mortgage brokers only work with one group of lenders. Other sites and mortgage brokers might cast a larger net when looking for lenders. It’s better to find a mortgage broker site with a wider pool of lenders than a smaller pool of lenders. Otherwise, it would be cheaper for you to do the rate shopping yourself.
References:
[1] https://www.moneyunder30.com/online-mortgage-lenders-vs-brokers-10571
[2] https://smartasset.com/mortgage/how-to-choose-a-mortgage-broker