How To Identify An Incompetent Mortgage Broker

Performance Property Real Estate Question

Q: I’ve been trying to get a mortgage loan for weeks. The mortgage broker I have been dealing with keeps making excuses and I am worried I’m going to lose the house I’m trying to buy. Silvana, Bloomfield, NJ

A: An experienced mortgage broker will be familiar with current mortgage products available right now on the market and which mortgage will be best suited for you as a borrower based on your debt-to-income ratio and the preliminary information you provide. An inexperienced or incompetent mortgage broker will ask the same questions over and over again, struggle with simple math and will not be familiar with current mortgage loan products. I suggest you give the mortgage broker you are working with now a specific deadline for getting you a mortgage commitment. In the meantime, I also suggest you contact another mortgage broker (ideally one with several years of experience) as a backup so you can hit the ground running if you need to switch mortgage brokers so you don’t lose out on the home you’re trying to buy. Thanks for your question, Silvana.

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