WHEN SHOULD I START INTERVIEWING MORTGAGE BROKERS?
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You read that question right. Itโs 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 โ for many of us, the biggest one weโll ever make โ 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. Weโll 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 letโs talk about when you ought to start looking around.
Itโs never too early, a broker is the first person you should talk to. Even if youโre just starting to think about home ownership, why not include an appointment with a broker or two in your first steps? A reputable broker will be happy to answer a few questions in an informational interview. After all, youโre a potential client down the road, right?
Itโs not a bad idea to have your information ready: any debts you may have outstanding, any savings or investments with your name on them, etc. Brokers canโt make budgetary decisions for you, but they can give you general advice for how to set yourself up to look good for lenders.
Itโs never too late. Even if youโve already bought your home, itโs not a bad idea to start asking questions about what will happen at the end of your term. (For example, if youโre two years into a five-year term in 2012, youโll 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 โ whether itโs at the end of the current term or even beforehand! โ might be a good idea.
So in short, when should you start interviewing brokers, the answer is today!