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What to Look for in a Mortgage Broker

What to Look for in a Mortgage Broker

Gentleman interviewing mortgage brokerYou know the benefits of working with a professional mortgage broker, but how do you choose the right mortgage broker for you? Good question! With quite a few mortgage broker options available in Barrie and Simcoe County, it can be difficult to choose the best one to work with. To help you decide, here are four things that you should look for to help you find the perfect mortgage broker fit.

1.Knowledge & Experience

These two things should be at the top of your checklist when searching for a mortgage broker. Not only should your mortgage broker have experience working in the community in which you are looking to buy, they should also have experience working with a variety of different clients, situations and needs – from those with less than optimal credit ratings to clients who are looking to refinance or renew their mortgage.

Knowledge is also crucial when it comes to finding the right broker for you. As you are probably aware, mortgage rules and regulations, interest rates, and mortgage trends are constantly changing and it’s important that your broker stays up to date with these ever-changing policies and details, so that they can find the best solution for you and your family.

2. Partnerships

 A good mortgage broker excels at developing great working relationships with a variety of different mortgage lenders. By cultivating these relationships, mortgage brokers are able to get their clients lower mortgage rates or better mortgage terms than if the client were to approach this lender independently.

A well-connected mortgage broker is also a strong asset on your team. A good broker will have a local network of real estate lawyers, real estate agents, appraisers and inspectors that can make your home buying experience easier through a referral.

To ensure that you are working with a broker with good connections, it’s always a good idea to inquire about the lending partnerships that a potential broker has developed before you agree to work with them. Feel free to set up an initial appointment to meet with a broker you are thinking of working with and ask them about the lending partnerships.

3. Problem-Solving Skills

Your mortgage broker should also be great at solving problems and finding alternative solutions. Whether a client has been denied a mortgage loan, or the mortgage offered isn’t the best possible option, good mortgage brokers are always able to think ‘outside the box’ and search out alternative solutions that will best suit their clients’ individual needs and circumstances.

4. Trust

Finally, as in any relationship, it’s also important to work with a mortgage broker that you trust. By working with someone you trust, you’ll feel certain that they are working with your best interests in mind and will work diligently to find you the mortgage solution that meets your needs and helps put your mind at rest.

Just as it’s always advisable to shop around when looking for a mortgage, you should also shop around as you search for the right mortgage broker. As an experienced and knowledgeable mortgage broker in Barrie, I’m happy to set up an appointment with potential clients to discuss my approach, the lending relationships I’ve developed, and how I can help you find the best mortgage solution. Remember, when you work with me to get a mortgage, there are no hidden fees, or any fees for that matter – as my fees are covered by the lenders I partner with. Contact me today at (705) 315-0516 and let’s chat!

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