What If I Don't Like My Broker?

Your relationship with your broker usually only lasts for the duration of the loan acquisition process. A mortgage broker’s job is to find you the best-possible loan that fits your needs. After you’ve closed on your mortgage, you’ve paid your broker, and the deal is done. At that time, your relationship with your broker is also typically finished.

Talk With Your Broker

If you are having problems with your broker, talk with them about your concerns. It’s best to voice everything and get it out there, so they can have an opportunity to resolve the issue. If your broker has found you a great deal on a mortgage, you really would probably prefer to work things out with them and go through with the mortgage deal they’ve brokered.

Typically if you voice your concerns with your broker, they will fix the problem or make it better for you in some way. You should consult any agreements you have with your broker, to find out what rights you have under your agreement.

Ending The Relationship With Your Broker

If you decide you want to end your relationship with your broker, do so in writing. Your broker has likely already done a significant amount of work on your behalf. So you owe it to them to treat this in a professional manner. You technically don’t have to go through with any deal a mortgage broker garnered with a lender under closing. You shouldn’t owe your broker a dime until after you have officially signed on the dotted line and accepted the mortgage they found for you.

What Happens To The Loan?

You likely will sign an agreement with your broker that, if they find a deal with a particular broker and you end up using that deal, you agree to pay the broker for his or her services. This is simply common courtesy and business. If you decide to end your relationship with your broker prior to closing your loan, you should be aware that the loan deal your broker garnered for you will likely be lost.

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