Networking with quality professionals is always important. In this unprecedented housing market the quality of a mortgage broker lead has never been more crucial. Whether you’re looking for a mortgage broker or referring one to a client, trust is incredibly important. Many would say that the recent activities of some lenders would bring into question the trust of many clients and associates alike.
“For the last couple of years, low interest rates, aggressive marketing tactics, scant industry oversight and investors who want to put their money into real estate instead of the stock market have contributed to the ideal operating environment for predatory lenders.”
-Jay MacDonald, MSN Money
Choosing a mortgage broker based on a classified ad or a recommendation from someone you don’t know is foolish. At the very least, find a mortgage broker in a qualified business directory and prepare a list of questions you’d like ask.
Optimally, you want to get referred to a mortgage broker by someone who you know and trust. This could be friends, family or another professional, perhaps a real estate agent. It is important to maintain accountability so that you, the mortgage broker, and the person who referred you are all fully vested in the quality of the service and the referral. This is a “satisfaction guaranteed” referral system.
In many cases, it’s all too easy for a trusting homeowner anxious to leverage a home’s value or lock up a low rate to fall prey to less-than-upfront lenders. Whether you’re a first-time buyer or looking to refinance your home, you need to find the right person.
