When it comes time to buy your first, or next, home, finding a mortgage broker should be at the top of your list. But where do you start? A quick Google search will show just how many options you have. You can even shop around for your own mortgage. So why should you work with a mortgage broker? And how can you find the right one for you?
Why Work With a Mortgage Broker?
Mortgage brokers are experts in their field. They know the markets, the lenders, and the options available. While you can search online, talk to banks, and contact other lenders, a broker can find and compare more information in less time to find the best rate available to you. Because they work with a variety of lenders across the industry, they have a large pool of products to consider. Even if the big banks have said no to you in the past, a broker can likely find a mortgage product to help you get into a home.
When you choose the right broker, they will help you navigate applications, preapprovals, and final paperwork leaving you to enjoy your home-buying process with less stress. And they will be there to answer all your questions along the way.
The services of a mortgage broker are free for you as a home buyer. The broker is paid via the lender you purchase through. So your broker is motivated to find you the best mortgage they can so you are happy and refer them to friends. And you have nothing to lose by using the free services of a professional.
So how do you choose the right mortgage broker for you?
Ask Your Real Estate Agent, Friends, and Neighbours for Recommendations
Look for people who have worked with different brokers in your area. Your real estate agent likely has two or three brokers they recommend to their clients. And the experiences of family, friends, or neighbours reveal how a broker has dealt with clients in the past. Like with most purchases, if a close friend tells you someone went above and beyond for them professionally, you’ll probably feel more confident working with them.
Do Your Research
Look up the websites and online presence of mortgage brokers in your area. Do they present a professional and knowledgeable image? What kind of experience do they have? Be sure to look at their credentials. Are they properly licensed and registered with the appropriate boards for your area? If you are in Ontario, check this site which has a directory of licensed brokers in the province.
You might also want to check out their community involvement. What programs or initiatives are they involved in? What do they support? Having a personal connection that goes beyond the professional can make working together an even better experience.
Meet With Potential Mortgage Brokers
Now that you’ve listened to recommendations and done some research on your own, you probably have a shortlist of brokers that stand out as ones you’d like to work with. Make appointments to talk with each one in person, if possible. Before you meet, prepare as many questions as you can to help you make your decision.
Start with questions like:
What lenders do you work with?
What kind of mortgage products do you offer?
What will the application process look like, including possible timelines?
How attentive is the broker throughout your meeting? Are they able to answer all your questions to help you make an informed decision? Do they address your concerns in a way that reflects their abilities? The in-person experience is invaluable to help you gauge the personality and professionalism of each potential broker.
In the end, the best mortgage broker for you is the one who can find you the best rate and take you through the buying process with ease and confidence. Contact me today at 905-933-1090. I’ll be happy to sit down with you and answer all your mortgage questions.
Resources:
https://www.ratehub.ca/mortgage-brokers-canada
https://themortgagestation.ca/2018/05/15/5-things-to-consider-when-choosing-a-mortgage-broker/
https://www.fsco.gov.on.ca/en/about/Licensing-Registration/Pages/who-is-licensed.aspxType page body text here...