What to Look for in a Mortgage Broker
December 22, 2008
Filed under Mortgage Broker
There are many mortgage brokers in the Calgary mortgage market today, and – like banks – not all are created equal. Although mortgage brokers are becoming more prominent in the mortgage market, many mortgage consumers don’t know how to choose which mortgage broker they would like to work with. The following is a guide to some things to look for in a Calgary mortgage broker.
1. A good mortgage broker does not charge a fee for their services. Mortgage brokers are paid finders fees by the lenders they deal with, therefore they should not be charging you a fee for their services. There are some circumstances where brokers will charge you a fee if they need to use a private lender. However, generally speaking, the only fees you should need to worry about are appraisal fees and closing costs.
2. A good Calgary mortgage broker will explain terms and industry jargon that you don’t understand. Instead of assuming that you know the meaning of words such as amortization and mortgage term, or that you know the difference between an adjustable rate mortgage and a variable rate mortgage, your mortgage broker should explain to you any industry-specific terms that relate to your mortgage transaction.
3. A good mortgage broker is available when you need them. Within reason, your Calgary mortgage broker should be available to answer your calls and answer any questions or address any concerns that you might have. If you feel like you’re getting the cold shoulder, or that your business is not important to your mortgage broker, go somewhere else.
4. A good Calgary mortgage broker works with multiple lenders. The more lenders a mortgage broker works with, the more options they have for mortgage products and mortgage rates for you. More options translates into a better mortgage for you.
5. A good mortgage broker is intelligent and knowledgeable. Obtaining a mortgage is probably one of the biggest transactions you’ll make in your life, so it’s only normal to expect that the person that is helping you with the process knows what they’re doing. Your Calgary mortgage broker should be able to answer your questions, and if they can’t, they should find out the answer immediately.
6. A good mortgage broker should be personable. Your mortgage broker should be someone that you feel comfortable with and trust. If you don’t get along with your mortgage broker, or they seem shady to you, you shouldn’t be using them.
This list is not exhaustive – there are many other things that you can look for in a good mortgage broker. However, one of the most important things to do when looking for a Calgary mortgage broker is to trust your gut instinct. If something seems off or a little fishy, go somewhere else.
As already mentioned, there is an abundance of mortgage brokers around these days, so you should have no trouble finding one that fits you perfectly! Contact Us if you have any questions.
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