Getting the best mortgage for your particular situation can be overwhelming, but if you find a mortgage broker or banker whom you trust they can help you with every decision. The key is trusting them. Someone that has been referred by a friend or family member would of course be the best of circumstances.
Some people may not have the luxury of knowing someone in the business or having a friend that has been through the home loan process. In that case, you can contact your local board of realtors or the National Association of Mortgage Brokers for a list mortgage brokers or bankers in your area. Definitely do your research on them and check references.
You want to find out first if they are licensed. This is extremely important. Find out how many lending institutions they do business with and how good their relationship is with that institution. This will allow you to have several choices in programs and rates that will suit you and your situation.
Find out what their fees are and how they are compensated for your loan. Ask the broker about the different loan programs they have access to and how they will work for you. Ask them why you should work with them over anyone else. They are well aware you have many options in this department.
Some brokers may recommend specific programs because they get paid more on them. Make sure you either trust the broker or you have done your own research and homework on the specific programs. If you have bad credit most likely your mortgage rate is going to be higher than normal, but make sure your broker does not hide fees by raising your interest rate on you. This occurs more frequently with people whom do not have good credit.
Finally, be cautious of anyone that tells you exactly what you want to hear. Always remember, it is their job to sell you a program and they make money when they do. A good broker won’t force a particular program on you.