A Qualified Mortgage Broker will have expert knowledge in mortgages, or at least in the general lending industry, to know where to look when clients seek out an affordable loan. They will also be knowledgeable about local real estate markets and trends, as well as the kinds of loans that banks and mortgage companies offer. Knowledge is good; however, it is of little use if expertise is not put into practice. A truly great Mortgage Broker will do more than give recommendations – they will offer sound advice on how to secure your loan and find the best terms possible for your situation.
Leverage Technology For Clients’ Benefit
A mortgage broker’s job is to navigate clients through a complex and difficult process. Instead of making things more difficult, leverage technology for their clients’ benefit. A good mortgage broker has access to tools that speed up and ease some of these processes, such as digital underwriting, electronic signing on most mortgages and automation of monthly mortgage payments. They also know how to put technology to work for their clients in other ways: for example, by organizing and keeping track of paperwork during both pre-approval and at closing. That saves people time and energy — one less thing to worry about —, which can make it easier for them to focus on other things, that are more important in their lives.
Serves Their Clients’ Needs
A good mortgage broker knows their customers, their clients’ interests and what they are looking for. A great mortgage broker anticipates what those needs are even before they are mentioned. A great mortgage broker also goes one step further by not only understanding their client’s needs but being able to predict them even before being told. To become a great mortgage broker, it takes an adept ability to understand your clients. It is more than just knowing what they want or even who they are; it is about really understanding them at every level. Most people work with mortgage brokers because they seek assistance in reaching one of their goals, whether buying a new home, refinancing an existing loan, or building up savings to purchase an investment property.
Spends Time Building Relationships
You do not go to a car lot, meet a car salesperson and get a new car. You have to build a relationship with someone who will find out what you want and then give it to you. That takes time. A quality mortgage broker spends their time building relationships because they realize that taking shortcuts is unethical and will end up costing them money in lost business in the long run. If your mortgage broker does not spend time getting to know you, they probably are not very good at their job.
Value Their Client’s Time
If you have a mortgage broker who is not available at a moment’s notice, you probably do not have a good one. If your broker is unable to get in touch with you promptly and deal with your calls and emails promptly, then what can you expect when it comes time to meet? If they cannot provide that level of service on their own time, how can they do so for yours? You should be able to count on your broker for anything related to working out your home loan; if not, there may be an issue. Getting back on schedule quickly is essential; keeping things running smoothly from start to finish is something every great mortgage broker strives for.