Mortgage Brokers: Practices of Bad Brokers and How to Spot Them

By: David Nalin

In a perfect world, everyone will do their job in the way that they were hired to do it. Unfortunately, this is a world that is far from perfect, and there are many unpleasant professionals in the world that only generally seem to want to sully it. Sadly, this is true in the world of the mortgage broker, as well. Although most brokers are some of the best people in the world, there are still some that are in the profession for other reasons, instead of providing a great service. Most of the time, this is something monetary.
One of the biggest practices of a bad mortgage broker are those who may tell a person to lie on any part of the application test. Obviously, honesty would be the best policy in the mortgage process, even if the lie is more on the white side. Considering that a person who instructs a person to lie would usually do so themselves, it is in the borrower’s best interest to take their business elsewhere, as they will certainly be lied to.
Another way to spot a bad mortgage broker is one that will pressure a person into something. If a person is not hemorrhaging money, there really shouldn’t be any pressure. If this does happen, it is obviously because the mortgage broker has something more at stake. They just want to be paid, and will do anything that they can to assure as much. There are no self-respecting brokers in the market that will pressure a potential client into anything.
Another important point to make is that the good mortgage broker will be pretty upfront, and this is especially true with the closing costs. They generally have nothing to hide, and will promptly show the client the costs, generally within a week’s time. And if they do not, the prospective client should move on. And although there may be variables in this equation, many of the leading mortgage brokers usually have no problem with this, as they have a reputation to uphold.
Good mortgage brokers are the exact opposite of these types of shady characters. As a rule, they are upfront, honest, and they are pretty quick in their efforts. They will not instruct a client to lie or anything else that seems a little shady. On top of this fact, they will easily answer any of the questions that a prospective client may have, as well as provide an essence of ease. This is extremely important, because if a person has any reservations about their mortgage broker, they probably have found the wrong one. In something so crucial such as these undertakings, it is important for the borrower to feel as comfortable as they can with their mortgage broker, because this is one of the most important times in a person’s life.
And although there are a few bad apples in the mortgage world, it should be noteworthy to state that this only accounts of 30% of the profession.

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