Tuesday, January 15, 2008

How to Hire a Mortgage Consultant


There comes a time in our lives when we all must secure a mortgage, but how do you know you've found the right lender to partner with to help you fulfill your dreams of home ownership? Here are some simple steps that will help your navigate the mortgage minefield and emerge a victor!


Difficulty: Easy

How to Hire a Mortgage Consultant

Things You'll Need

  • Pay stubs
  • Tax returns for two years
  • Bank statements for six months
  • Investment statements for six months



Step One

Assemble your financial information. The mortgage consultant you choose will want to help you determine your best financing options, and assembling your financial information beforehand will help expedite this process.

Step Two

Ask for referrals. It's likely you know someone (or several people) who have bought a home recently. Ask them who their lenders or mortgage consultants were and if they would provide you with a referral.

Step Three

Meet with several mortgage consultants you've been referred to. Not everyone's personality will be a fit with yours, and it's important to know that you're partnering with a professional who understands your goals and is invested in your situation.

Step Four

Verify your preferred mortgage consultant's licensing. This is easily done by asking the broker who their regulating body is with the state. They should be happy to provide you with contact information for that regulating body as well.

Step Five

Begin the process of choosing the right mortgage product with your new mortgage consultant. You've done your financial homework, asked for the best of the best, interviewed several candidates and chosen the best person for the job. Congratulations!

Tips & Warnings

  • Never allow a mortgage consultant to run your credit report while in the interview phase. Multiple inquiries will negatively impact your credit score.
  • You can pull your own tri-bureau credit report online through one of the major credit bureaus, as your own personal inquiry does not affect your credit score. Contact the bureaus at: Experian, TransUnion, and Equifax.
  • Always ask for a clear explanation of fees associated with your mortgage. There are no dumb questions when it comes to your money!

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