Whether you are shopping for your first mortgage or purchasing a rental property, it may be tempting to choose the Mortgage Broker that advertises the lowest interest rate. However, what the ads often neglect to inform you is that there are often strict criteria that must be met in order to obtain that low interest rate. For a large number of home buyers, these criteria are impractical and simply can not be met. That is why we recommend asking yourself the following questions when shopping for a Mortgage Broker:
Does this Broker offer a product that matches my needs?
Mortgages are not ‘one size fits all’ – there are many loan options out there and not all Lenders offer the same products. Your Broker should encourage your questions and input in order to determine the right Lender and mortgage product for you, and should also be able to explain the pros and cons of each product in relation to your individual needs.
Does this Broker have a good reputation?
With the ever increasing popularity of social media platforms, businesses are now being held accountable more than ever before. Take the time to research potential Mortgage Brokers to see what their previous clients had to say before you make your decision. This can mean the difference between receiving exceptional or sub-par customer service.
Is this Broker making an effort to listen to me?
Getting a mortgage can be an overwhelming and confusing process. Your Mortgage Broker should take the time to speak with you and answer any questions you may have throughout the entire mortgage process, even after your mortgage has closed. If you feel like you are being rushed from the get-go, there is a chance that your questions may not always be answered further down the line.