How To Find The Best Mortgage Broker
Trying to find the right mortgage broker can be difficult, especially when many brokers just seem to be the same from one to the next. You want to choose the broker that you can trust, who will get you the best solution and one who isn’t afraid to make recommendations even if they happen to conflict with what you may want. Here are a few things that will let you know that you are working with a great mortgage broker and things to look out for when trying to find the best mortgage broker. It is important to note that these are all factors that have contributed to the success of Canadian Mortgage Services and our team of experts:
- Educates you along the way – Let’s face it, mortgages can sometimes be confusing and we don’t always know everything there is to know about them. You will notice that the best mortgage broker is interested in more than just your business; they will do their part to educate you as best as possible in order to ensure that you are making the best decision possible when it comes to your goals.
- Sets your expectations along the way – the best mortgage brokers are interested in your wellbeing during the entire mortgage process. We understand that that finding a mortgage and getting approved for the right mortgage can be an unsettling experience and there is nothing more calming than to know what to expect along the way. A great mortgage broker will break down the entire process so that you will be able to keep calm and relaxed by the very fact that your expectations have been set accordingly.
- Keeps you in the loop – Great mortgage brokers will update you frequently on the status of your application even if the status has not changed. Some brokers do not bother with this because they feel that it may be pointless to contact the client unless there is news about the application. We do not believe in this approach; it is never pointless to keep the client informed and it is not up to us to determine what information is valuable to the client. Some clients want to be kept in the loop regardless of the outcome or change in application status because it helps them cope with the stress and focus on other things. Not knowing can be a stress itself and the best mortgage brokers will do what they can to minimize your stress.
- Makes recommendations, doesn’t just give you what you want – The best mortgage brokers will listen to your goals and what you are looking for but will also step in and make recommendations even if they conflict with what you are looking for. Many clients seek specific solutions to meet their goals but aren’t always aware of all the possible ways to go about meeting them. Clients may only know of one mortgage solution that will help them achieve their financial goals but are unaware of the short-term vs. long-term effects of their solutions. Great mortgage brokers will make recommendations and other suggestions especially if there is a better way to achieve what you are looking for. Ultimately the decision will be yours, but at least you will be in a better position to make a decision and walk away feeling confident.
- Does not try to sell you on interest rate – Many mortgage brokers will say that they have the lowest mortgage rates available, but what they are really saying is that they have access to these low rates? Remember, interest rates are determined by the lender and brokers do not decide what these rates are. You will also notice that no broker can claim that these low rates are exclusive to them and that they cannot be obtained from anywhere else. This is because many brokers have access to these low rates and this is due to the fact that they are all working with those lenders that are currently offering these low rates. Most brokers have access to the best rates and so this will hardly ever distinguish one broker from the next. The best mortgage brokers will not try to sell you on interest rates, in fact, they will not try to sell you at all. If what you seek is for financial/personal betterment and if there is something that we can offer you that will help you achieve this, then that will be the reason why you’ve decided to let us help you.
- Testimonials – one of the best ways to establish a good comfort level with any company is to read the testimonials. Past clients of the organization will provide insightful information about the company and their firsthand experience with them in their time of need. The best mortgage brokers will provide testimonials of their past dealings to showcase that they are reliable and trustworthy and have helped many others achieve their specific individual goals. After reading a few statements, you will know whether to pursue your inquiry or not or to move on to somebody else.