So, you’re ready to purchase a home.
If you enlist the services of a qualified and professional mortgage broker, then you can be sure that they will work diligently to secure you the best terms and rates available on a product that fits your needs. In addition, they will guide you through the whole home buying process.
But with a growing number of brokers entering the Canadian mortgage market, how do you find the one that will work best for you?
- Experience in the field: Try to find a broker that has been licensed no less than two years, but still maintains a fresh, aggressive, yet accommodating outlook. New professionals will be eager to work for you, but do they know the market as well as someone that has been working in it for some years? Reversely, has a mortgage broker that has been doing this a large chunk of their adult life become lack-lustre about the process?
- Volume of sales: How many mortgage deals has the broker closed in the last 12 months? Even if the broker has been at the top of their field in previous years, examine how they have been operating more recently. Look for someone that has closed an average of $1-million in property deals per month over the last year.
- Access to lenders: Ensure that the broker you choose has access to a diverse lending network composed of multiple viable options to give you a competitive edge.
- Promptness: Select someone that replies to your communications, be them e-mail inquiry, pre-approval application, or phone call, within a day.
- Web-savvy: Internet presence is important in today’s marketplace. Proud marketing can often be indicative of proud service standards and results.
- Terms and rates: Select someone who presents you with a product that you understand, and can explain to you in plain language why that product will benefit you and meet your demands. Ensure that they can provide you with a mortgage rate that is within 10 basis points, or 0.1 per cent, of the best rate available on the market, and that they outline for you the breakdown of your mortgage payments through the entire length of your amortization.