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In case I go with him as a broker, what do I need to ask him in order to find out if he is the best for me? He has been licensed for about 2 years in a different state, and has been licensed in my state for a couple of months. Thanks!
Just ask him to send you a Good Faith estimate to show you all the fees that he is charging....
If he works for a reputable company then you will receive about 20-24pages of disclosures.
Quote:
Originally Posted by mrshvo
In case I go with him as a broker, what do I need to ask him in order to find out if he is the best for me? He has been licensed for about 2 years in a different state, and has been licensed in my state for a couple of months. Thanks!
Just ask him to send you a Good Faith estimate to show you all the fees that he is charging....
If he works for a reputable company then you will receive about 20-24pages of disclosures.
He works for himself. He has his own company. That's why I didn't know if I needed to ask if he had a variety of mortgages to offer me...or whatever...I don't know the area.....
A broker can sometimes provide you with more options than can a lender. This is because a broker has access to a number of different lenders and therefore a wider range of loan programs.
Why don't you find out what he can do for you as far as your loan options?
A broker can sometimes provide you with more options than can a lender. This is because a broker has access to a number of different lenders and therefore a wider range of loan programs.
Why don't you find out what he can do for you as far as your loan options?
Thank you very much for your comment. I just wasn't sure, since he was so newly licensed in my state, if he would have access to a number of lenders...I don't know if brokers have to be "approved" by lenders, or how it works for brokers to get contact...which is why I was wondering what I need to ask him and I wasn't making it clear about this
Brokers do need to be "approved" but getting onboard with some lenders is no big deal. And some of his affiliations from his other state may carry over.
Most lenders operate in all states...all he would need to do is send them a copy of his license..and he can immediately start doing loans there.
He should have all the products that he offers to borrowers in other states.
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