Top Five Things To Look For When Hiring A Mortgage Broker

Author: David Paruk | | Categories: Debt Consolidation , First Time Home Buyer , Mortgage Broker , Mortgage Refinance , Mortgage Renewals

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A mortgage broker is a bridge between a buyer and a lender or a bank. They negotiate the loan for you and facilitate the purchase of a new home. Most importantly, a mortgage broker helps you ease the stress of getting documents processed and approved.

Mortgage professionals don’t charge the buyer any fees because usually the bank or the lender gives them a commission once the sale is complete. Building a long and lasting rapport with your mortgage broker is beneficial as you might need their services in the future, either to buy a new house or to refinance your present home.

It can be tough choosing the perfect mortgage professional from the multiple options available. However, to help you simplify your search, here’s a list of the top five things to look for while hiring a mortgage broker.

1. Communication.

The way your mortgage broker communicates has an exponential effect on getting your mortgage carefully done. Did your broker spend the time on the first call to get to know you, and learn what is important to you? Having the details straight from the first call is the key. First, it helps you get what you want. Second, it guides you through the process of getting a mortgage is a big deal for most people, and getting consistent updates is fundamental. Third, it informs you of what is happening on the other side of your transaction. Your broker is not only communicating with you, but they are also interacting with the other party (the prospective lender). If communication is good with the borrower, it is likely good with the lender, too. A mortgage broker’s job is to connect lenders and borrowers, and this takes a lot of communication.

2. Organization.

This aspect is difficult to judge but necessary. There is a lot of information that must be consolidated on a mortgage file. Different lenders need different things, and it’s essential for your mortgage broker to be efficient in managing the needs of the data. The lending world has changed. Arranged and completed files are processed by lenders faster and obtain approval more expeditiously than those that are not.

3. Knowledgeable.

Your mortgage broker is your connection to achieving some of your biggest goals. They must be knowledgeable about the products they have available. A knowledgeable broker can not only suggest the best mortgage products for you but can sometimes obtain better than advertised rates by having the proper connections. There have also been many changes to Canadian mortgage lenders recently, and it is important that your broker knows the most recent rules.

4. Flexibility.

Having the ability to work with many different lenders is extremely important. Every mortgage is different because every borrower is different. Different lenders will offer different mortgages for different situations, and your broker needs to be flexible to find the one that fits best. Flexible working hours are also necessary. Mortgage brokers must adjust to the availability of their clients and be available if needed at all times.

5. Their dedication to you.

Dedication is something that can be displayed in numerous ways, for example, honesty in all things. Hard work to complete your file. Commitment to always learn. Protection and confidentiality of your private documents and information. Adaptability if things do not go as planned. Attention to detail in file submissions and organization. Efficiency, a smile, and a gracious response would be another plus point when it comes to choosing a mortgage broker.

If you’re looking for a mortgage broker in and around Edmonton, St. Albert, Devon, Stony Plain, Spruce Grove and Parkland County, in Alberta, reach out to David Paruk at Mortgage Momentum. We offer a host of mortgage services that include home purchase mortgages, mortgage refinance, and debt consolidation. We understand that your needs are unique and irrespective of whether you are buying a home for the first time or taking a loan on your current home we are here to help you out in whatever way we can to make the process easier and less stressful. To learn more about the services we offer, please click here. To get in touch with us, please click here.