If you're looking for a home loan you might want to think about hiring a mortgage broker. Mortgage brokers are experts at reading the current marketplace and determining which mortgage out there is the best fit for you. They take all of the difficult paperwork and negotiation associated with acquiring a mortgage and make everything easy for you and best of all they provide you with more options than simply going to a single lending institution ever could. But when you need to find a mortgage broker you can trust, how do you know where to look? Here are some tips for identifying and locating the right broker.
The first thing to look for is accreditation. A good broker will be a registered associate of a larger organization or third-party, which will keep them accountable to a group larger than themselves. In Canada there are a variety of organizations and brokerage "groups," and many times it varies on a province by province basis as to which your broker will be affiliated with. The point is, he/she should be affiliated with at least one of these registrars or groups, to ensure professional service and higher accountability.
One of the most important characteristics of a mortgage broker is their independence. A broker who essentially works for a single lending institution is more like a salesman than a broker, and cannot possibly have your best interest at heart. The broker you work with should be recognized by a large variety of institutions, which will allow you to shop around and make an informed decision about which company you want to lend from.
Which brings us directly to our next point: reputation. Yes, it's cliche to say that your broker should have a great reputation, but the importance of a reputation cannot be overlooked. Why? Because think about how a broker gets a good reputation. By doing exactly what they're supposed to do: pairing up those looking for mortgages with the perfect lending package. That's what you want from your broker, so you have to ensure that they've been known to deliver the same service for others. You can gauge a broker's reputation by looking at their online business listing, or even getting in touch with the third party they're affiliated with and asking questions.
When shopping for a great broker, the important thing is to not rush yourself, consider al the variables, and make a decision you know you feel comfortable with.
The first thing to look for is accreditation. A good broker will be a registered associate of a larger organization or third-party, which will keep them accountable to a group larger than themselves. In Canada there are a variety of organizations and brokerage "groups," and many times it varies on a province by province basis as to which your broker will be affiliated with. The point is, he/she should be affiliated with at least one of these registrars or groups, to ensure professional service and higher accountability.
One of the most important characteristics of a mortgage broker is their independence. A broker who essentially works for a single lending institution is more like a salesman than a broker, and cannot possibly have your best interest at heart. The broker you work with should be recognized by a large variety of institutions, which will allow you to shop around and make an informed decision about which company you want to lend from.
Which brings us directly to our next point: reputation. Yes, it's cliche to say that your broker should have a great reputation, but the importance of a reputation cannot be overlooked. Why? Because think about how a broker gets a good reputation. By doing exactly what they're supposed to do: pairing up those looking for mortgages with the perfect lending package. That's what you want from your broker, so you have to ensure that they've been known to deliver the same service for others. You can gauge a broker's reputation by looking at their online business listing, or even getting in touch with the third party they're affiliated with and asking questions.
When shopping for a great broker, the important thing is to not rush yourself, consider al the variables, and make a decision you know you feel comfortable with.
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