What to Look for in a Mortgage Broker

You’ve decided that you need a mortgage broker, but you are at a loss about the qualities you should be looking for.  Here are some top ideas you should consider.

  • Look at the variety of options they have available to you.  A good mortgage broker will have a selection of lenders that can accommodate a diverse clientele.  Having good relationships over a long period of time with lenders who work with a range of buyers is an advantage.  That means your broker has access to the latest information and features of loans that would be available in various circumstances.  This means a better choice for the buyer.
  • Be sure you are comfortable working with the broker.  A good working relationship is important for you to have confidence in the abilities of the people you are working with.  It should be collaborative, with both sides actively listening to the other.  The representative should be able to answer any of your questions and explain terms you don’t understand.  This can make the process much simpler in the long run. 
  • They should be in frequent communication about the status of your application and lenders that would be available and appropriate.  They should also offer information about the real estate market and economy so that you can have the most up-to-date information for decision-making.
  • Expect to answer a number of questions in the initial phase.  A good broker will want an honest overview of your situation and be able to direct you to the best options available.  At the same time, you should feel free to ask questions of them about their successes and failures in situations similar to yours.  You can also ask about the percentages of first-time buyers, investors, or retirees.
  • The staff should not only be educationally qualified but keep up with ongoing continuing education.
  • While this may be your first home purchase, it may not be your last.  Statistics show that it is likely you will relocate over time.  That will mean a new mortgage.  Check to see how long this company has been in business and about their policy of keeping in touch with customers.  They could also offer seminars on investment opportunities or how to manage your payments more effectively.
  • The mortgage broker will charge a fee.  They should be clear about any commissions from lenders so that you thoroughly understand the process.  While this may not be the deciding factor in your decision, it should play a part.
  • Be sure they have all licenses and certifications in place.  There should be various sites you can check on your own to be sure you are protected in case something goes awry.

For a company that checks off all the boxes in the most positive manner, check out easyhouseloan.ca.  They are a reliable company with a solid reputation with trained and helpful representatives who will help you through this exciting and yet frightening, adventure.  Contact us today.