When you need a mortgage to purchase or refinance a house, several alternatives are available. You may compare lenders and apply straight to the one you want. Alternatively, you may seek the assistance of a mortgage broker in Dallas, TX who can help you select a lender and guide you through the application process.
Here’s how to locate a mortgage broker if using one seems appealing.
Check Local
If you are working with a real estate agent, that person should be able to make recommendations for local mortgage brokers, such as Business Name, and maybe even provide you with more than one. Referrals might also come from family members, friends, and neighbors who have recently utilized the services of a broker.
Research Them
There are undoubtedly dishonest or inexperienced mortgage brokers, but there is some protection under state and federal law. The SAFE Mortgage Licensing Act of 2008, which establishes requirements for the licensing and registration of state-licensed mortgage loan originators, regulates mortgage brokers.
A mortgage broker in Dallas, TX must also finish specific courses, pass a written exam, and allow an FBI background check, among other criteria. State laws may also set more stringent criteria than those set forth by federal law.
Enter a mortgage broker’s name into the Nationwide Multistate Licensing System’s free online tool to see if they are permitted to operate in your state. It will also reveal whether the broker has ever faced any disciplinary measures. You may browse a sizable list of mortgage brokers on the Better Business Bureau’s website by area and, when appropriate, see their BBB letter grades.
