A Five-Point Checklist For Hiring A Mortgage Broker
During the home-buying process, it is imperative to evaluate your financial situation to obtain the right mortgage, and there is no better person than a licensed mortgage professional to take you through this intricate process. A mortgage broker acts as an intermediary connecting you, the homeowner with the bank or money lender.
They research loan products available and compare rates from various lenders to find the best option that suits your credit score and needs. It isn’t just a good credit score that qualifies you for a mortgage. There are several other considerations to look after, but they are all managed by your broker.
All you need to do is find a professional that understands what you need, has your best interests at heart and keeps your goals in mind. To help make your search easier, here is a five-point checklist you should refer to when enlisting the services of a mortgage broker.
There many different products in the marketplace and not all are created equally. Ensure your mortgage broker is willing to take the time to educate you on the various products in the market and helps you choose the right one that suits your needs. A good mortgage broker should be able to answer questions that you didn’t even know you had.
You want somebody who knows what they are doing. You don’t want the professional to be experimenting on you as their first or second client. There are also many different categories of lending such as A- Lending, B-lending, private financing, purchases, refinances, renewals, Home Equity Lines of Credit (HELOC’s), equity take out, cottages, second homes, rental property, commercial property, etc. You want to be certain your broker has sufficient experience in whichever category you may be in. Also, ask them if they are a licensed mortgage broker or mortgage agent. There is more training and experience required to becoming a mortgage broker.
Whether you are purchasing, refinancing, or renewing, this will be one of the most significant transactions in your life. Although your broker works with mortgages day in and day out, they must remember that this is an important transaction for you. Your expert should be communicating with you on a daily basis to let you know how the process is going. They should make you feel like you are their only client.
4. Right attitude.
Before hiring, make sure you have a lengthy conversation with your mortgage broker. Once again, this transaction is fundamental to you. Make sure you can ask all your questions without feeling bad or uncomfortable, even if there are too many questions. It’s vital that your mortgage broker treats you with respect while conversing and answering your questions.
Some mortgage brokers are willing to break the rules to get you a mortgage, even though it may not be in your best interest. This can put you at risk of mortgage fraud, which can come back to bite you. Be confident you are working with an honest broker who can demonstrate integrity so that you are protected throughout the life of your mortgage.
If you’re looking for a licensed mortgage broker in Hamilton, ON, contact Amiel Jelinek. I am full-time mortgage broker licensed with the Mortgage Alliance Company of Canada. I provide a range of mortgage services at the best rates to clients across Hamilton, Burlington, Oakville, Brantford, Guelph and the surrounding areas. I assist them with their mortgage refinance, mortgage renewal and investment properties.