Mortgage FAQ: Choosing a Mortgage Settlement Company
January 3, 2017
"I’M BUYING A NEW HOME AND MY MORTGAGE BROKER RECOMMENDED A SETTLEMENT COMPANY FOR MY CLOSING. DO I HAVE TO USE THIS PARTICULAR COMPANY OR AM I FREE TO CHOOSE MY OWN?"
Although you are under no obligation to use a specific settlement company or closing agent (also known as an escrow agent), there’s a reason that brokers work with certain settlement companies. Often, brokers (and lenders) work together with certain other professionals such as real estate agents, real estate attorneys, home inspectors, and settlement companies because they know that they’re reliable, experienced and will take care of their clients. Yes, sometimes the relationship is a business partnership—often known as a “preferred partner”—but usually a broker or lender will suggest a settlement company simply because they’ve worked with them in the past.
When your broker or lender makes a recommendation, make sure you ask them about their relationship with the settlement company and why they recommend them. Since your trusted real estate agent is also a good source of information, ask them if they’re familiar with the settlement company as well. Just like with any kind of professional service, real estate and mortgage referrals can be very valuable so you should definitely consider your broker’s recommendation.
For more than 25 years, Omega Financial has been serving mortgage clients in Massachusetts. Our brokers have approximately 50 years in the mortgage business. You always will receive fast, courteous, and accurate information. Omega Financial, Inc. is a company duly licensed to operate in Massachusetts as a Mortgage Brokerage. We are located in the Town of Norwood, Massachusetts where we have been operating as Omega Financial Incorporated since 1988.
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