Is it good/feasible to change Mortgage Agent?

Question

Thank you in advance!

I want to have a loan of 500K. As you know, currently the mortgage rate is kinda high. Also it is the first time we have a loan. We are not sure whether our agent is good or not.

My problem is: if the agent cannot lock a good enough rate for us. Can we change agent? Is it do-able? Is it too abnormal concern?

Thank you.

Any suggest are welcomed! we are fresh for loan ...

Answer 1

Assuming by "agent" you mean a mortgage broker or mortgage banker, you can change agents anytime you want. However, if you have paid or signed an agreement to pay an application fee or something of that sort, you will probably lose that. You can always call lenders like Bank of America, etc. directly or go to their websites and get their rates directly. Brokers have their own agendas in mind (making money for themselves) and those agendas don't always match yours as the borrower. They can be very helpful if you have poor credit or some other issue that makes you less desirable to the regular banks. But you have to watch them carefully, get everything in writing, and review it carefully to see that it matches what you understand.  

Answer 2

The mortgage brokers do not have any control over the interest rates, the market does. The rates have also been fluctuating so much lately. You can try another agent though to see if they can get you a better interest rate....but chances are they too will have no control over the interest rates but it would not hurt to try.

Answer 3

Certainly, you can work with another mortgage broker--people do this all the time. They know there is no deal until you sign the loan documents.

Now, you realize the mortgage broker does not create the loan--he's just a salesman, and takes a healthy percentage of the deal. So, to get your money, he'll present the best loans to you to fit your need and his (that is, he's showing you the loans that pay him the most). Then, if that doesn't work, he'll present you the other loans.

By having several mortgage brokers competing, you stand a better chance of getting a loan that suits you. There are web sites that specialize in this.

And you can sweeten the deal by bringing great credit, a healthy down payment, good-paying jobs and some cupcakes. Mortgage brokers love the cupcakes. The little chocolate ones, with sprinkles in the icing.