I have made a list of my local "good" mortgage brokers. I will be walking in and talking with a few brokers this week. I was wondering if anyone could shoot me some interview questions ? Is there a specific answer to a question that would have you throw a red flag and walk out the building?
Is there a certain way to approach this interview? As I am simply starting a relationship and looking to gain better understanding of mortgage world.
Any and all advice is welcomed! Thank you for your time!
I am a mortgage broker licensed in CA (as well as other states). Here is what you are looking for plain and simple: You are looking for someone with the heart of a teacher. Are they sharing more information with you, other than the basics of answering your questions? Are they trying to save you money or are they just trying to make you work with them? Do they sound excited on the phone or are they desperate and miserable?
You also need to figure out what you are trying to accomplish because there are too many loans to talk about in a simple 30 minute interview. Are you looking for an investment property or a primary residence? Do you own a business or a W2 employee? Are you a first time buyer or do you own several properties?
There is a lot of info to unpack, but I would start with what you are looking to accomplish and goals, and then choose 2-3 mortgage brokers to speak with about that subject. The conversation will likely branch off into other subjects, but start with your goals/needs.
@Triston Blodgett I am not a big fan of Mortgage Brokers when it comes to investment properties. Better to make a list of local banks. Also, you have to find the right loan officer at each bank - you might be surprised on how the same bank can tell you no way or no problem, depending who you speak with. Local investors and some know who you need to talk to.
Prepare a package with you financials, summary on first page, and what you are looking for. All you pdf's on a memory stick.
Curious why you don't like mortgage brokers for those? As a mortgage broker, that is our specialty, we have better programs, more options and better pricing than local banks for DSCR and other investment loans. Gotta find the right mortgage broker...plus we are in almost all 50 states which means we can help with out of state rentals unlike local banks.
I am sorry for being so blunt Clayton; mortgage brokers have their place for consumers who don't have the time to navigate choices and basically end up with one of the first couple banks they talk to.
I know most local and (unfortunately bc they are mostly tough to do business with) large national banks and online lenders, we do deals with most every year (100+) and so I see the differences and know which ones are good here in Milwaukee and for which application etc