When looking for a Texas mortgage loan, you may be better off working with a broker rather than a traditional lender. Mortgage brokers are in contact with many different lenders, and as a result, may be able to offer you more flexible loan options than your local bank.
Who Should Consider a Broker
Though anyone can use a broker, first time homebuyers, borrowers with credit problems, and real estate investors, may especially benefit from using a good broker. (Notice the use of the word good. ) Not all brokers are reputable. To make sure that you are working with a competent and scrupulous professional, you're going to need to do your homework.
Finding the Best Broker
Texas is a great place to buy a home. Rates are lower than the national average and home values increase at a steady pace. Perhaps this is why so many brokers target borrowers looking for home mortgage loans. There is a lot of competition out there, and if you want to find the best broker, you're going to have to make comparisons. Start by getting a detailed good faith estimate in writing from several brokers. Then, compare your options to see which one is offering the best rates, the best terms, and most importantly, the best overall loan program.
Brokers do not fall under federal regulations, and not all states regulate broker activity. However, borrowers who are looking for a Texas home mortgage loan and plan to use a broker are luckier than most. Texas enforces strict broker regulations and requires that a broker have a bachelor's degree in finance, banking, or business administration. Brokers must also have at least 18 months of lending experience under their belt. If you would like to learn more about the broker you plan to work with, you can call the toll free Texas consumer hotline: 1-877-276-5550
Visit Texas Lending Hub for a list of Recommended Texas Home Mortgage Lenders , whether you are looking for home purchase, refinance or a home equity loan.