Mortgage Broker, Dallas, TX: Some Red Flags To Watchout For

September 29, 2022

Mortgage Broker, Dallas, TX: Some Red Flags To Watchout For

By Published On: September 29th, 2022Categories: Dallas TX, Mortgage Brokers, Mortgage Company

Shopping for a mortgage is a challenging task. For one, it involves huge sums of money. For another, a mortgage decision you make today will have a long-term effect on your finances. Hence, extra precautions are necessary. Choose only a mortgage broker in Dallas, TX, with a good reputation.

Here are some red flags you need to be mindful of when looking for a mortgage broker in Dallas, TX:

Rushing the process

If a mortgage broker says, “don’t mind the fine print,” walk away. Shady brokers will not give you ample time to read the details before signing the loan paperwork. But the truth is, you need to read and understand what is written in the lending agreement to ensure you are not dealing with a disadvantaged offer.

Enticing you with significantly different interest rates

Do you think you are getting the best interest rates? Think again. You have to make careful assessments. If a broker offers significantly lower than the rest, take it as a red flag. In some cases, these rates come with “strings attached.” For example, a company might have a super-low interest rate but only for a short period – like 30 days – and goes up substantially after the introductory period ends. With that taken into account, it makes sense to make a rate comparison and know the average price in the market. Zero in on the loan’s APR and assess if the value makes sense.

Allows you to exclude some details

When a mortgage broker you are working with allows you to leave some information blank – or worse, allows you to fill out the form with not-so-accurate information – then that company is highly likely not for the welfare of clients. For example, they might instruct you to inflate your income or bypass providing other information. If you encounter such a broker, walk away.

Online looking for a reputable mortgage broker, Dallas, TX? Contact us at Homeplus Mortgage at (512) 949-3385 today.