WHEN SHOULD I START INTERVIEWING MORTGAGE BROKERS?
You read that question right. It’s a great idea to start interviewing mortgage brokers. Interview, so you can determine whether they deserve to be hired to represent you in buying a home. And brokers, plural, so you can compare and contrast not just products, but styles and personalities.
The fact is, buying a home is a massive investment — for many of us, the biggest one we’ll ever make — and it has equally big emotional and financial repercussions in our lives. We should be happy with the team we put together to make it happen. So we recommend you speak with several brokers and more than a couple real estate agents before you decide to go with them. We’ll cover questions you might want to ask in a future blog post (why not start by asking What does a mortgage broker do, exactly?) but for now let’s talk about when you ought to start looking around.
It’s never too late. Even if you’ve already bought your home, it’s not a bad idea to start asking questions about what will happen at the end of your term. (For example, if you’re two years into a five-year term in 2012, you’ll be back negotiating with lenders before the next Olympic Games in Brazil!)
A lot of people stay with their current mortgage lenders, but a broker can determine whether or not a change of financial scenery — whether it’s at the end of the current term or even beforehand! — might be a good idea.
So in short, when should you start interviewing brokers, the answer is today!