Working with a mortgage broker is becoming quite popular in Canada, especially over the past several years. Did you know that in 2017, 39% of homeowners used a broker to arrange their mortgage? While some of this is due to first-time home owners and self-employed individuals who may have had difficulty getting approved for a mortgage from traditional banks, it’s increasingly opening up to a wider audience. However, as with many types of financial service providers, it’s sometimes a challenge to know who you can trust and who to avoid.
When it’s time to buy your home, cottage, or commercial property, or at mortgage renewal time, you need a great mortgage broker who’s got your best interests at heart, and who knows the business inside and out. I’ve outlined some of the top considerations when deciding on the best mortgage broker for you:
In Canada, mortgage brokers need to be certified to practice; we take courses and have to pass a test. Further, a reputable mortgage broker will attend industry workshops, training and conferences to keep current with the latest trends, and will constantly read up on banking, mortgage and other finance news to keep on top of ever-changing rates, policies and regulations.
When searching for a mortgage broker, look at their credentials, years in the business, testimonials and check for online reviews. You can also just pick up the phone to ask them about their knowledge and experience; they shouldn’t have anything to hide!
Mortgage brokers have a fair amount of flexibility with the rates and products they offer. They have built strong working relationships with many different mortgage lenders, often allowing them to provide their clients better interest rates than if the client had gone to one of those lenders directly. Your mortgage broker should divulge the types of lenders they work with, and how the process works.
A good broker should also be flexible with their availability and recognize that standard ‘9-5’ hours just don’t work for a lot of working people. They’ll gladly offer evening and weekend appointments when needed.
A good mortgage broker will be great at solving problems and looking for a variety of solutions when it comes to helping their clients and managing unique situations. The more experience they have, the more variety of situations they’ve encountered – making them a valuable resource. Further a well-connected mortgage broker will have a strong, local network of business professionals they work with or can recommend, such as such as Realtors, appraisers, lawyers and inspectors that can help during the buying process.
- Trust & confidence
Your home is the biggest investment that most people make, which is why it’s important to find a mortgage broker with whom you have complete faith and confidence. Not only should you trust in their abilities, you should also trust that they indeed have your best interests at heart. Further, a good mortgage broker will adhere to strict privacy regulations, and manage sensitive issues and concerns professionally and discreetly.
Finally, most mortgage brokers don’t charge their clients any fees for their services, as they are compensated by the lenders they work with. If your mortgage broker does have fees attached, find out why and how much, and be sure to get everything in writing.
It’s always advisable to shop around when on the hunt for a good mortgage broker. Be sure to connect with me as you’re doing your research. You’ll find that I’m experienced, knowledgeable, flexible, trustworthy and committed to my clients. I was also recently trained and certified as a CHIP Reverse Mortgage Specialist (helping people over age 55 access their home’s equity with a reverse mortgage option) and was a finalist for the 2019 Canadian Mortgage Awards, which is a nation-wide recognition.
Let’s set up an appointment to discuss my qualifications, the mortgage application process, and why I’m the best choice to help you find the best mortgage solution. Contact me today at (705) 315-0516 and let’s open the door to your mortgage options!