Everywhere you look, you will be inundated with ads advertising that this particular mortgage broker has the best rates and terms for you. Frankly, many of these ads are just to draw you in and then you learn the terms are not what they advertised.

If you want to avoid being taken in by such ads, be sure you know the lender well. If you don’t know the lender that offers the best rate, you can find out about it. The Better Business Bureau and the State Banking Commission carry lists of brokers that have an inordinate number of complaints.

As you winnow your search, ask the companies if they deal with your type of home loan frequently. Also, you should make sure the lender has a lot of experience in the field. Dealing with a reputable, experienced broker is the one most important way to avoid headaches at closing.

You can learn a lot about your potential bank by researching. As much as the internet has inundated us with information, it has also made it easier to get the information that we need. study the different types of mortgages available and what the payment terms are. Make a comparison chart of all of the lenders you get information from.

Be sure you realize who the quoted rates apply to. Often the rates quoted that are very low only apply to borrowers with the highest credit scores. Therefore make sure you obtain the premiums over the quoted rate that will be applicable for you.

After you have a compilation of rates, you can make your comparisons. As they say, if it sounds too good to be true, it probably is. You are sure to find some differences in rates, but if one lender is much lower than the others, this should be a red flag for you.

Don’t let any broker force you into a quick decision. If a broker does not take his time to explain, and give you time to decide, cross him off the list. One sure path to headaches is to not understand the loan proposal in the first place. Stay away from any broker who is not willing to answer your queries.

Once the terms are ironed out, make sure you get them in writing. This means ALL of the terms, not only rates and maturity. If you are inquiring about an adjustable rate mortgage, the underlying index should be clearly spelled out. If you have a lock in period, make sure every one of the details of it are in this document. Make sure the broker is authorized to negotiate on behalf of the lender. The great majority of headaches that come up at a closing are because some points were verbally understood.

When you do sign a written agreement, make sure you are clear about everything on it. Don’t allow the lender to put in legal language that you do not understand. Either get it changed, or have it explained completely so you can agree to it. This is another area in which, if a broker does not agree to cooperate, you should avoid him.

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