When getting ready to finance a home, it’s easy to go with the first mortgage broker that can get you a pre-approval for your purchase. Let’s face it: you’re usually excited to start the home buying process and just happy to know how much you can afford or want to get your home refinancing over as quickly as possible. What most people don’t realize is that there are so many different ways that mortgage brokers can save you money that it’s a really good idea to get a second opinion on your mortgage pre-approval to make sure that your broker hasn’t missed any cost-saving opportunity. Remember that not only are you buying a home, you’re also buying a very important financial product, a mortgage, and finding a great specialist to help you is crucial.
Here are some tips to find an experienced, knowledgeable mortgage broker who works with your best interest in mind:
1. Good Mortgage Brokers Educate Their Clients
There are many different ways to structure a mortgage, and if you feel that you don’t fully understand the process or what your broker is offering, find someone who can help you become better informed. With such a big decision, you want to learn as much as you can about your options and how to make the right choice for you. Find a mortgage broker who is willing to take the time to educate you as well as find you a great deal.
2. Good Mortgage Brokers Have Exceptional Testimonials
Does your broker have a strong history of happy clients? Asking your mortgage specialist for referrals is a way to gauge how good they are at their job. In addition to testimonials from previous clients, ask them for recommendations from real estate professionals. Realtors are familiar with the work of many different mortgage brokers and can give you a clear picture of your specialist’s reputation within the business as well as how they compare with other mortgage brokers.
3. Good Mortgage Brokers are Accessible
Initially, you will want to take your time to find the best mortgage pre-approval rate, but when you’re in the middle of negotiating a real estate deal, it’s very important to have the confidence that you can get a hold of your mortgage broker on short notice. Ask your broker about their availability and how you can be sure they will make themselves accessible to you when you’re in the middle of closing a deal.
4. Good Mortgage Brokers Tell You The Whole Truth
If the mortgage rate you’ve been quoted sounds too good to be true, there may just be something your mortgage broker isn’t telling you about the option they’ve presented. Many times, brokerages will flash low rates just to get you in the door, so be sure to ask about any additional clauses or special terms that may be the reason behind a really low mortgage rate.
5. Good Mortgage Brokers Place All Offers in Writing
Getting a verbal quote is a very different thing from getting a pre-approval in writing. The last thing you want to do is be in the middle of negotiations, only to find out that the financing you thought was in place was based on a rate that is no longer available or a financing structure that wasn’t approved by the lender.
6. Good Mortgage Brokers Work For You
Because mortgage brokers work on a commissions basis, when you are interviewing potential agents, ask them how they base their financing recommendations. There are some brokers who will privilege the option that would line their pockets with a higher commission. Ask lots of questions about the commissions they receive to be sure that your broker is providing you with the choices that are best for you.
We are dedicated to providing honest, professional financial advice, the best rate for your situation, and the education you need to make an informed decision. Talk to us today about your mortgage needs and ask us about how we can provide you with a better alternative than the competition.
Thanks for reading!
Your London, Ontario Mortgage Brokers at Dominion Lending Centres Forest City Funding FSCO# 10671