Buying a new property and shopping around for a mortgage can feel daunting. Not only will you want the best interest rate, but also the right product and terms for your specific needs. With multiple lenders offering different options, it can quickly become overwhelming. That’s where a professional mortgage broker can help. They have the tools and knowledge to match you with the most suitable mortgage solution. With so many brokers to choose from in the GTA, how do you choose the mortgage broker that’s right for you? Here’s a list of the top five things to look for when hiring a mortgage broker.
You’ll want to work with a broker who is helpful and able to respond quickly. A prompt response shows professionalism, and if the agent is eager to clear any doubts, then you know you are on the right track.
A reputable broker will live and breathe mortgages. They take the time to educate their client about the mortgage process and offer advice that is in line with their best interests. They also work with multiple lenders in the marketplace and are well connected to local real estate agents, home inspectors and lawyers.
You should be able to trust that your mortgage broker is putting your needs first. Full disclosure should be provided upfront to ensure that there are no hidden fees that could cause misunderstandings later down the line. The broker should also inform you about all the costs involved and which costs will apply to you.
When choosing a mortgage broker, you’ll also want to ensure they are customer-oriented and well-liked. Someone that will make you feel comfortable and understood, and who can provide smooth and effective communication between all parties. A friendly and supportive broker will also encourage questions and be able to answer all of your tough ones truthfully and to your satisfaction.
A mortgage broker must adhere to ethical business standards, such as transparency and confidentiality. They should also realize your limited understanding of the mortgage industry, and be able to guide you through the process with ease. Your broker must also have an altruistic personality, and be willing to help you at every step of the way.
Lastly, before you make a big commitment, sit down with the broker and interview them face to face. If they don’t feel like they’re the right fit for you, wait until you find a broker that you feel more comfortable with. Trust your gut – it can save you a ton of time and money in the long run.
Blog provided by: Mortgages By Annissa
Annissa Nandlal is a Pineapple Mortgage Agent with over sixteen years of financial experience creating customized solutions. Her mortgage services include home buyer mortgages, mortgage renewals, mortgage refinancing, switch mortgages and many more. Her services are available across the GTA including Whitby, Ajax, Pickering, Scarborough, Markham, Richmond Hill, Vaughan, Woodbridge, Mono, Shelburne, Orangeville, Grand Valley, Caledon, Toronto, Brampton, Georgetown, Mississauga, Milton, Oakville, Burlington, Cambridge and Kitchener, Ontario. To learn more about the services that she offers, please click here. To get in touch with Annissa, please click here.