If you’re buying a home in Cypress, it’s a good idea to make as many preparations in advance before you begin the actual home search. Think of it as building a homebuying “team” that works to make your decision easy and stress-free. One key member of your team is the mortgage broker. A good mortgage broker will work with you in advance to help you decide how much you can afford, the best terms for your situation, and get the best rates on your new loan. Finding the mortgage broker for you requires a little effort, but it will definitely pay off in the end.

You can get a wealth of information on mortgage brokers just by picking up your phone. Friends and family are a great resource when choosing a mortgage broker. Ask if they felt they got a good rate, were treated well, and are happy with their loan. Don’t rely on just your Cypress real estate agent for advice—while they are a good source, your friends and family know you best. If you are moving to a new town and don’t know anyone, speak to your mortgage broker from your home city. They may be able to refer you to a broker in your new location.

Once you have a list of potential brokers, give them a call. Do the same even if you must choose from a provided list or the yellow pages. Your first clue about whether or not you’ve found the right person can be found in whether they answer your call right away. Everyone has commitments, so if you have to leave a message, how long does it take them to respond? Are they polite, helpful, and willing to work with your schedule?

The next step is to schedule some interviews. Yes you’re interviewing them. This is someone who will be working for you, it’s important you be able to ask the questions you have before hiring them to do their job. Wondering what to ask? Here are a few possibilities to get you started:

1. What fees do you charge? – There are several different price structures for mortgage brokers. Do they charge according to the size of the loan? Are there extra fees for points paid? Is there a flat fee? Do the fees depend on the loan provider?
2. What kind of loans/different companies do you use? – Do they only deal with one or two loan companies, or can they search extensively for the best loan for you? Some brokers will only deal with refinances, or avoid FHA loans. You want someone who will tailor your loan to your specific situation.
3. Can you explain this loan? – If the broker can’t tell you how a particular loan works in language you can understand, don’t use them. They should be able to easily calculate the amount you will need to put down and monthly payments (including estimated escrow for taxes and insurance!). They may also be able to give an idea of how much in closing costs you will pay, so there are no surprises when you get to the closing table. If the loan looks too good to be true, probe a little more to make sure there are no hidden charges or surprises down the road.
4. What are my options? – If you aren’t provided with more than one option, you need to try someone else.

When all is said and done, the most important thing for you is that you trust your mortgage broker. Go with the person who you feel most comfortable with. Getting a mortgage is a big decision; you want to make sure that the broker you work with is on your side with your best interests in mind.