How to Cooperate with Your Mortgage Broker: 4 Tips

By Jess Penner

Buying a home is both exciting and stressful. You're beginning a new chapter in your life but at the same time, there's lots of big and little things that get in the way and you hope not to make a mistake. With so many things to take care of, one of the best things you can do to ease much of the stress is to get a mortgage broker. Here are some valuable tips to get the most out of your relationship with your broker.

1. Total Honesty

When you're in the process of getting a mortgage and you hire a mortgage broker, you need to be upfront with him or her. Be open and honest, because this will help you get the best mortgage that's suitable for you. If you lie (people do), you're going to end up with something you can't handle. Besides, you'd be committing mortgage fraud, and in the end, the truth will come out anyway. In order for them to help you, you need to help them, so they can do the best job for you.

2. Stay In Touch With Your Broker

Many people make the mistake of ending their relationship with their broker. Brokers can be very helpful and the smart thing to do is to keep in touch with them. Sometimes, you will need to maintain this relationship out of necessity, and sometimes your broker may contact you, which is good. However, if they do not contact you and all your affairs are done and dusted, stay in touch, even if it's just an occasional email. You never know when you may need them. You don't want them scratching their heads trying to remember you.

3. Brokers Have Lots Of Contacts

Mortgage brokers also have lots of useful contacts which you may need one day. Not only that, you may actually need to use a broker again in the future. It would be good and comfortable for you to use him or her again especially if you've had a good relationship from day one.

When you buy a home, eventually, there's always going to be a need for repairs and maintenance. You can ask your broker for advice on who they recommend. It's better to use someone who is given a glowing reference rather than someone who might end up causing you nightmares.

4. Refer Others

One way for you to pay it forward is to recommend their services to your own friends. If you're happy with the service and relationship with your broker, tell your friends to use them too. It's a good situation all around. Your friends are happy, the broker is happy and one day, when you need them again, they will be happy to go that extra mile for you, so it's a mutually satisfying relationship.