Hiring a mortgage broker can save you thousands or cost you thousands. The difference is knowing who to trust and who to walk away from. Here's what I've learned from doing it more than once.
What to Look For
Look for someone who works with multiple lenders, not just one or two. That's the whole point of using a broker — access to the full market, not just a captive menu. The person should have at least five years of experience. Newbies can be fine, but you don't want to be their learning curve. Ask how many loans they closed last year. Volume matters because lenders take repeat closers seriously. Also check if they hold a current license in your state. That's public info.
Questions to Ask
Ask how they get paid. Some charge a fee on top of the lender's commission. Others wrap it into the rate. You want to know the total cost upfront. Then ask: what's your average closing time? If they can't answer without checking, that's a bad sign. Ask which lenders they prefer and why. If they name three and one is a credit union, that's a good mix. Finally, ask for three recent client references — and actually call them.
Red Flags
Biggest red flag is someone who promises a rate before seeing your credit and income. That's a sales pitch, not a quote. Another one: they dodge questions about fees or say things like "don't worry about that now." Worry about it now. If they push you toward a loan type you didn't ask for, especially an adjustable rate when you wanted fixed, walk. Also watch for slow responses. If they take two days to reply during the application process, imagine how they'll handle closing week.
How Ratings Help You Choose
Online ratings are useful but only if you read the actual reviews. A four-star average with ten reviews is less reliable than a 3.8 with two hundred. Look for patterns: multiple people complaining about hidden fees or poor communication. Those are real problems. Ratings also help you narrow the field fast. You don't need to interview ten brokers. Pick the top three with solid ratings, check their licenses, and call them. That's enough.
Go compare local mortgage brokers on RatingsNearMe before you sign anything.