Okay, so you either live in Texas or you are ready to move to Texas. What a great state! But before you finance your purchase, you are probably wondering how you can locate the jumbo mortgage texas. Of course you want the best. With your broker, you expect to get the best mortgage rates in Texas, the best service, the best mortgage and so on and so on.
Well, that’s not entirely true. Whether you are dealing with the best mortgage broker in Texas or an average broker, you should certainly expect the best of everything. And that includes the best mortgage rates in Texas. Why? Because your broker should have access to dozens of mortgage lenders. And, your broker should STRIVE or at last behave has the best mortgage broker in Texas would.
Here are some of the things that you should look for from your broker. These things do not mean you will have the absolute best mortgage broker in Texas, but you will certainly have one who is qualified to get you the best mortgage rate.
1. Look for a CMPS designation. CMPS stands for Certified Mortgage Planning Specialist, and your broker should definitely have this qualification. Given the rigid educational requirements needed to earn this designation, the best mortgage broker in Texas will have their CMPS.
2. Consider the number of lenders that your broker works with. Of course, they will have “access” to hundreds, but what type of lenders do they work with most closely? These are the lenders whose policies and underwriting needs they will understand best. This is important because if you have a low credit score, you will not want to work with a broker who deals only with A-lenders. Likewise, if you have a high score, getting a mortgage with a B-lender doesn’t make sense. For this reason, the best mortgage broker in Texas will be two different people for two different borrowers. Keep this in mind.
3. Weigh the broker’s recommendation against what your broker forecasts for interest rates. Just like the best meteorologist in Texas, the best mortgage broker in Texas will not have a crystal ball that will yield 100% accuracy each time she peers into its depths. However, your broker will have access to plenty of economic data. Do not be afraid to ask where your broker is getting her information and why it deviates or supports her prediction for interest rates. With this in mind, your broker should recommend a mortgage product that aims to take advantage of such rate predictions.
Clearly, your broker does not need to be the best mortgage broker in Texas in order to provide you with accurate and helpful advice. By following these three simple tips, you will find a broker who is perfect for you. After all, isn’t a perfect fit what will make you believe you have the best mortgage broker in Texas? If you will refer friends to your broker, then chances are you dealing with the best broker in Texas after all!