Top Four Things To Look For When Hiring A Mortgage Broker
The reasons for seeking a mortgage can be numerous. Maybe you are thinking of buying a second home, need a financial boost to help your business get off the ground, or have an unexpected situation that requires immediate financial support. Whatever the reason, your local bank may not always be able to offer you a mortgage plan that meets your individual financial needs. What you need is a competent mortgage broker.
A mortgage broker is a licensed professional who, as a middle man, has access to a large number of lending options and handles the time-consuming process of filing the necessary paperwork to secure home financing. Unfortunately, many borrowers believe that mortgage brokers are just for people with bad credit, which is far from the truth. Most clients that seek assistance from a mortgage agent usually want more options and better service than what they can expect from their typical bank.
If you need more options or even assistance due to poor credit, hiring a mortgage professional is a great idea. To help you find the perfect match for your requirements, here’s a list of the top four things to look for when hiring a mortgage broker.
1. Research your brokerage options
As mentioned above, mortgage brokers have access to several lenders, thereby giving them an advantage over banks with the numerous options they can offer. However, adequate research should be done as not all mortgage agents or brokers have access to several lenders. The size of the brokerage and the volumes being processed will determine what the brokerage firm can offer you in the way of mortgage options. Dealing with a mortgage broker with full access will give you the added advantage of multiple options that can be very useful in meeting your home financing goals.
2. Hire an accredited mortgage broker
Banks do not require their staff to be licensed as they come under the bank’s legal umbrella. On the other hand, mortgage agents and brokers routinely go through re-accreditation to ensure that they are up to date, follow the latest regulatory standards, and maintain the highest level of integrity in their mortgage careers. When verifying their license, make sure your mortgage agent or broker is licensed by Mortgage Professionals Canada to ensure a higher level of due diligence and mortgage expertise.
3. Seek personal recommendations and online reviews
In today’s world of high-speed internet, online forms, and google reviews, researching the many mortgage options out there couldn’t be easier. Doing your home-work and weighing all mortgage options before committing to a loan or mortgage broker will ensure you get the best deal possible. Alternatively, personal recommendations from individuals who have actually used a mortgage broker can offer an informative insight and be extremely helpful in the tough decision.
4. Maintain honest communication
Taking a mortgaging property can be a critical step in your journey to financial stability. Honest communication from you, the borrower, is an important factor as leaving out information can delay or hurt your mortgage application. It is also essential that you feel confident in your mortgage broker with the knowledge that they have your best interests in mind and can offer you mortgage options that you didn’t know existed or simply never crossed your mind. Similarly, make sure to choose a professional who listens to your needs and will work towards satisfying them with them.
If you are looking for a mortgage broker in Mississauga, Ontario, reach out to Corina Murphy Mortgages - Premiere Mortgage Centre. I deliver inventive mortgages in a vivid, sharp, and witty style. I started my banking career in 1991, and throughout my career, I have specialized in the field of lending mortgages. I serve a diverse clientele from first time buyers, investors, commercial mortgage seekers, private mortgage applicants, etc. I cater to these clients from all across Mississauga, Oakville, Milton, Caledon, Vaughan, Halton Hills, Hamilton, St.Catharines, Streetsville, Meadowvale, Puslinch, Niagara, Brampton, Burlington, Orangeville, Brantford, London, Paris, Shelburne, Newmarket, Aurora, Niagara-on-the-Lake, Welland, Ancaster, Etobicoke, North York, Richmond Hill, Toronto, Muskoka, Huntsville, Brace Bridge, Kirkfield and the surrounding areas.