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Mortgages

What makes a good mortgage broker?

June 2, 2015 by Ninja in Mortgages

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If you are looking for a mortgage broker, you may wonder how to choose the right one for you.  There are a few general qualities that make up a good mortgage broker Fort McMurray residents.  If you can find one that has these qualities, you’ll be well on your way to finding the right mortgage product for you.

  1. A valid license: First and foremost, always be sure any mortgage broker you deal with is licensed.
  2. References: A mortgage broker worth his salt will be able to provide you with references from at least three former clients.  It’s important that you contact those references to get an idea of what they liked and didn’t like about working with the broker.  Take that information into consideration when choosing the right broker for you.
  3. Thoroughness: A good mortgage broker will sit down with you and conduct a thorough interview to find out exactly what your mortgage goals are, what your financial situation is, etc.  They will go beyond simply trying to find you a cheap rate for your mortgage; they will find the product that is right for you in every respect.
  4. A vast network of lenders: A good mortgage broker will work with a large array of lenders.  More than that, they will be familiar with the lending criteria of a variety of financial institutions.  Be wary of brokers who only work with a small number of lenders, as you may not be offered the best mortgage product out there.
  5. Good communication skills: Because the process of applying for a mortgage can be very stressful for a homebuyer, it’s important to work with a broker who will make you feel comfortable throughout the process.  One way they can do this is by maintaining open lines of communication with you, not just during the process of securing your mortgage, but also after you have purchased your house.
  6. Upfront and honest: A great mortgage broker will make you aware of all of the associated fee and costs of accepting a certain mortgage offer.  Mortgage brokers work on commission, meaning that they receive a percentage of the amount of your mortgage from the lender after they match you to the lender.  Generally, that means that they won’t charge you a fee for their services, but this is not always the case.  A reputable broker will keep you informed about any fees they will be charging you upfront so there are no surprises later on.
  7. Desire to form a relationship: A reputable mortgage broker will look at you as a true life-long customer, not simple a customer for that one transaction.  A good broker will want to work with you long term so they can continue to meet your mortgage needs long term.

Finding the right mortgage broker for you can seem to be daunting, but it doesn’t have to be.  Even though there are so many mortgage brokers out there from whom you could choose, it’s important to take the time to find one that will make your mortgage process as comfortable, easy and stress-free as possible.