Mortgage lenders can decide whether you will get a great rate or mortgage on your company property purchase. Finding the right home mortgage lenders to work with, however, takes time and effort. Mortgage lending brokers can help you, as they are agents who work to bring together lenders and property buyers by researching the needs of both parties.
Mortgage brokers can save you a lot of time and money, but how do you determine which one is the right mortgage loan broker for you? Different mortgage brokers have relationships with various home mortgage lenders, and there is certainly no guarantee that hiring any mortgage broker automatically means a better loan for you. To find the right mortgage lending brokers, consider the following:
1. Expertise of the mortgage loan broker
2. The rates and options you can find on your own
3. The ability of mortgage lending brokers to find you a good rate and good terms
Action Steps
The best contacts and resources to help you get it done
Compare properties, loans, rates and terms before contacting business or home loan brokers
Evaluate your company's options. Locate rates and review some of the terms you might want in a mortgage. Visit some properties in your area that might be useful for your business and determine how much mortgage your company can afford.
I recommend: LoopNet allows you to search for commercial properties across the country by entering certain criteria. Review rate comparisons such as those found at
MortgageLoan.com to find out what rates you might expect. Match this up to rates your broker quotes you to see if you are getting a good deal.
Find a commercial mortgage broker through referrals and recommendations
Ask other companies about their experience with brokers and seek out a commercial mortgage broker or two who has helped a company in your area secure a good loan. While a home mortgage broker may be useful, someone with experience in commercial loans may have more relationships with lenders offering commercial loans, and this expertise can help ensure that your company gets the best rate and terms possible. Visit an online mortgage broker directory or two, as well, to get a sense of which brokers are available in your area. Visit online solutions offered by independent mortgage brokers to find brokers in your area.
I recommend: The
Mortgage Brokers website allows you to search for brokers by state. You can also search for brokers at the
National Association of Mortgage Brokers (NAMB). If you’re looking for personal home mortgage broker visit
PersonalHomeMortgages.com to find one in your area.
Locate mortgage brokers online
Visit mortgage brokers online to select the best brokers for you. Visiting brokers online helps you to compare options and solutions quickly, and allows you to find the right broker in your area. Compare online brokers and then contact them to see what they offer. Select the broker who can provide the best service to you.
I recommend: LendingTree is an online broker solution that allows your company to compare several types of loans and mortgages with one quick click of the mouse. Apply online with
TexasLending.com if you’re looking for a mortgage in Texas, Oklahoma, Florida, Michigan, Missouri or Colorado. Available in both Spanish and English,
LowestMortgageRates allows you to compare local lenders with no obligation.
Tips & Tactics
Helpful advice for making the most of this Guide
- Get a copy of your credit reports at the major credit bureaus. Any home mortgage brokers or commercial mortgage broker you work with will look at your credit reports to decide your credit worthiness. Check the information on your reports and correct any errors before contacting a broker. Also, gather financial statements from your business that will show your company's ability to repay a loan.
The official source of Mortgage Brokers is the Mortgage Brokers page at Business.com
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