Just as a REALTOR will help you find the right home out of the many options, a mortgage broker will help you with the right loan for you. There are many options when it comes to loans and a good mortgage broker will make recommendations for you based on your individual situation. They will guide you through the process and educate you on the financial markets and how they pertain to you.
Interview prospective loan providers:
When it comes to loan providers, it’s a great idea to shop around. A great step in the selection process is to ask your mortgage broker the following questions, but this is by no means a comprehensive list of questions:
Interest rates play a huge part of how much house you can afford. Currently interest rates are low and this means that your buying power is considerable. As interest rates rise, so do your payments. Additionally, rising rental rates are attributed to rising interest rates as the cost of the payments determine how much landlords need to charge in order to make a profit. See a chart of the history of interest rates here:
The mortgage broker is there for you. I recommend you keep a pad of paper around so that when you have questions you can jot them down and review with your mortgage provider when you are together.
You might want to visit: www.wamb.org (the Washington Association of Mortgage Professionals)