Top Five Things To Look For In A Mortgage Broker
When buying a house, the two most important steps you have to keep in mind are deciding where to secure the financing and deciding which type of financing to use. As there are numerous places where you can secure a mortgage to purchase your home, it is critical to know what options are available and what is best for your unique situation. Compatibility with your mortgage broker or associate is key as you need to make sure that they are willing to go above and beyond to secure the deal you want. To help you choose one that is suited for your unique needs, here’s a list of the top five things to look for in a mortgage broker.
When choosing a mortgage broker, the first thing to consider is, does your broker or associate have good communication skills? Do they ask lots of questions? Do they jump to a solution right away, or do they keep asking questions and drilling down to the root of the situation?
Just like a doctor attempting to diagnose a patient to provide you with personalized services, your broker or associate needs to be able to communicate with you to find the best solution for your needs.
2. Good reviews
Thanks to social media and product/service review sites, it’s easier than ever to scope out a business before you avail of their services. Mortgage brokers or associates are no exception to this. A majority of them will have various online profiles where they will receive and often respond to real customer reviews. In order to find a mortgage broker that has worked with a case like yours before, or something similar, you need to look at their Google business page reviews? What are people saying?
3. Access to multiple products
Does the broker or associate have experience with many different lenders, banks, credit unions, broker channels, plus private and alternative lenders? A diverse array of products is a good sign because it means that the broker won’t merely be funneling you to the one or two lenders they receive the most commission from. Ask them for a breakdown of their sources, which channels they use more frequently, etc.
One of the key things a good mortgage broker needs to be is approachable. You as a client, might have problems, financial questions, and queries. A good mortgage broker will explain the entire process to you from start to finish. They will not only brief you about what they are doing but will also give you advice about specific financial and technical aspects of your business and how a particular product will be profitable for you. An approachable broker or associate will put your needs above all else and do their best to guide you through the mortgage process.
5. Mortgage pre-approval
A mortgage pre-approval is as close as you can get to confirming your creditworthiness without having a purchase contract in place. A good mortgage broker will inform you about pre-approvals. They will help you complete the mortgage application process and get the lender to verify the information you provide. If you are pre-approved, you will receive a pre-approval letter offering to lend you a specific amount. If a deal is not possible, they should then explain why and what should be done to make it possible.
If you’re looking for a mortgage broker in Calgary, AB, reach out to Jay Meakin - Archimedes Mortgage LTD. I love helping my clients find the best mortgage products for their individual needs and goals. As an independent mortgage consultant, I have built my business on offering honest, impartial advice and attention to detail. I take care to connect clients with a mortgage that fits their life. As part of Invis, Canada’s largest independent mortgage brokerage firm, I have access to a full range of mortgage options, including products aimed at niche borrowers, such as the self-employed, those new to Canada, or those who have past credit issues.