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Tips for Interviewing A Mortgage Broker

With so many mortgage brokers available to approach for help with your mortgage loan, you will have to choose the right broker after interviewing numerous brokers. Here are some tips for holding an interview.   1. Ask questions about loans he may recommend to you. Assess if he knows what suits your needs best after you have given him ample information.   2. Check if he knows the interest rate and annual percentage rates of the loans he suggests to you.   3. Make sure that the mortgage broker knows the discount points and origination fees charged for the loans he recommends. Basically, the more points you have to pay for a loan, the lower is the loan's interest rates.   4. The broker should know and mention all the costs associated with mortgage loans like appraisal and escrow costs, recording fees and pest inspection reports.   5. The mortgage broker should always stand by the Good Faith Estimate of the loans they suggest to you. If they don't, just forget the loan and broker.   6. Find out if the mortgage broker can provide loan rate locks that help lock the daily fluctuating mortgage interest rates.   7. The mortgage broker should know if there is a prepayment penalty for the mortgage loan you choose.   8. Find out how long the broker requires to fund your loan. Usually a loan can be processed in 3-6 weeks' time.   The answers to these points will help you choose the right mortgage broker to help you get your mortgage loan.