In case you hadn’t heard, the Canadian real estate market has, in recent years, been hotter than a man with his shoes on fire. As the price tags have increased, so, too, have the number of people involved in the business, including mortgage brokers. A home is the biggest investment most people will ever make, so securing a competitive mortgage rate, and understanding the details, is of the utmost importance. Here are five ways to separate pretenders from contenders when it comes to mortgage brokers.
A Good Mortgage Broker Will Educate, Empower, and Relax You
Buying a home is one of life’s highlights, but few people can sign up for decades of payments without getting a little sweaty under their shirt. Fortunately, knowledge is power and a good broker knows what they’re talking about (this goes back to the experience piece).
There are many components to mortgages, and if the topic makes you feel overwhelmed, you’re not alone. Not only will your preferred broker comprehend what’s going on, they’ll know how to help you understand as well. The trick is to present the information to you in a way that is easy to digest, but without skipping over important details. As Albert Einstein supposedly said, “If you can’t explain it simply, you don’t understand it well enough.”
If your broker leaves you feeling relaxed and confident, then you’ve chosen well!
They’ll Give You Options
While individual lenders offer just a few options, the market as a whole provides many. A good broker will work to understand your situation, and provide you with several suitable alternatives. They’ll go over the features with you and explain the advantages each provides.
Your ideal broker is the one that will go to bat for you, tracking down the best rates and greatest flexibility the market has to offer, to your long term benefit.
How Many Market Changes Has Your Mortgage Broker Been Through?
Watch an NHL hockey game. How many of the players are lacing up their skates after they get home from their other job? None. New mortgage broker licenses are up in Canada, giving you more choice than ever before.
Such an important process requires the guidance of dedicated professionals who are well versed in terms and conditions, the law, and your ever-changing local market. A top mortgage brokerage will be able to provide credentials, as well as references from both clients and vendors. They should have a wide range of experiences and offer a full slate of services.
In the real estate market, the clock is ticking, so it’s important to ensure that your chosen brokerage can provide you with everything you need in a timely, efficient manner.
Seek a Trustworthy and Straightforward Mortgage Broker
If something seems too good to be true, it probably is. Your mortgage broker is supposed to be working for you, guiding you through one of the most important decisions of your life. Hard sells or used-car-salesperson vibes are red flags.
A good broker is an open book who is upfront with you about your qualifications and always eager to answer your questions. Furthermore, they won’t try to push you out of your financial comfort zone or gloss over details simply because it suits their interest.
Simply put, your mortgage broker should feel like a teammate. A free, honest, low-pressure consultation is a great place to start.
Mortgage Brokers Should be Communicative and Responsive
A mortgage requires some personalized attention; after all, you’re buying a home, not a hot dog. Communications are the name of the game and a good broker understands this. Phone calls and emails should be replied to in a reasonable time frame and meetings should begin punctually.
In order to earn your business a broker should be willing to meet in person, on the phone, or via video chat. Time is of the essence; the last thing you want (or need!) is a broker that leaves you hanging.
Pinsky Mortgages understands the complex, personal nature of the home buying process. That’s why we offer free consultation and fast, personal service. (We really don’t want to see somebody else move into your dream house!)
We provide our clients with choices based upon rates, options, and flexibility, while working to demystify the process from initial consultation to move-in day.
Do you want a mortgage broker that works for you?