A mortgage broker is one of your perfect allies when you go for mortgage refinance. You can bank on his knowledge and experience to help you scout for the best loan deals as well as the right company, one that suits your needs. However, these days you can’t trust all of them. The worst thing that can ever happen to you is to choose someone who is only after your money, not your welfare.

How do you judge your mortgage broker? Here are 5 ways:

1. Look for someone who’s not biased when it comes to choosing a lender.

In general, mortgage brokers earn their money through commissions coming from their lenders. Thus, you can’t certainly help it but think that the mortgage lender they’re going to choose the one that gives them the highest commission even if it’s not favorable to you. Once you have picked your broker, don’t forget to ask them about how much they’re getting from the company. The legitimate ones wouldn’t mind answering your question. The others, especially those who are with malicious intent, will be having second thoughts.

2. He should not favor his own products.

The real mortgage brokers don’t carry products. Their main role is to lead you to the right one. However, there are some who are actually discreet lenders, and they will start pitching in their own loan products. If you’re caught in this situation, you need to ensure that he will be able to justify his recommendations. Otherwise, you may have to look for another lender.

3. He should be upfront with the mortgage costs.

Just because you’re into mortgage refinance doesn’t mean you don’t have any cost to pay. Actually, there are a number of them, such as closing costs, principal amount to be paid, and even your interest. A good mortgage broker shall always be honest about how much you will likely spend for these mortgage refinance. You’re left with the option to settle for the costs or ask him to look for another one. He shouldn’t insist on anything. Besides, it’s you who’s going to pay for them.

4. He gives you all the information you need.

When you don’t have any idea about how mortgage refinance goes, then you’re definitely at the mercy of your mortgage broker. That’s why it’s very essential that you get to select a person who doesn’t downplay or sugarcoat certain situations and information to gain their favor. He must be able to answer your questions without hesitation. His discussion should be backed by proofs and accurate calculations. If in doubt, he can make things a lot clearer for you.

5. He should be qualified.

There are a number of agencies and organizations that give recognition to people who are capable of giving mortgage advice. Look for a mortgage broker that has the right credentials and certificates. What’s more, learn to verify their claims. Papers can be faked; thus, you shouldn’t rely your entire soul to it. If you’re living in the United States, you can look for names of qualified mortgage brokers in NAMB, or the National Association of Mortgage Brokers.