I often receive inquiries about a mortgage product, or a mortgage rate. It will be something along the lines of:
“I am looking for a zero down-payment mortgage”
“I am looking for a bad credit mortgage”
“I am self employed and need a self employed mortgage“
As a mortgage broker, my job is to find you the best deal I can find you. From my end, I deal with mortgage programs, of which cash back mortgages, bad credit mortgages and self employed mortgages are possibilities I can work with. However, a good question for someone who believes they can only get a poor credit mortgage should generally ask is “what kind of mortgage is it possible for me to get?” If you are looking for a “bad credit” mortgage, should I just pull a bad credit mortgage off the shelf and give it to you? NO! I am going to see if I can get you a good credit mortgage first. If I can’t do that, then I will see the next best I can do for you.
Things like this are why I am a mortgage broker and do not work for a bank. I have many mortgage options available from various lenders all with slightly different policies. I spend the time to work with your mortgage application, and figure out the best scenario to make a deal work that meets your needs.
Be careful on someone who just wants to sell you a mortgage rate. There are times with clients in the past where I have had better rate options for a client, but the terms and conditions of the mortgage were such that I was not comfortable offering it. To save that $20 a month with the slightly better rate, will I put you in a mortgage that I know will result in a huge penalty for you to break? Or one that will not allow you to refinance during your term (if you choose)? I will not. I provide the option if you choose and I make a recommendation, but I leave the choice to you.
It does mean that you have to have a degree of trust in my work? Absolutely. However, I will justify it by being open and transparent with you and explaining why I would make a certain choice, and I will give you options if you have them available to you. I am more interested in providing solutions to you than offering mortgage programs.
When you look for a mortgage, look for someone who provides mortgage solutions, not mortgage products.