How to Choose the Right Mortgage Broker
Before we can choose the right mortgage broker, we have to know what Mortgage Brokers do and how they can help us.
What is a mortgage broker?
A mortgage broker is essentially a mediator between you & the lender. They shop around and negotiate on your behalf with lenders to get the best possible mortgage rate. They also take a lot of stress off the buyer by taking care of the necessary paperwork.
There are many reasons why a homebuyer would decide to hire a mortgage broker as they not only have years of experience but have lots of connections within the industry. By having these relationships they are able to use this as leverage to get you a good deal.
Perhaps one of the most common reasons people use mortgage brokers is because their credit scores are not at a favourable level. By hiring a mortgage broker, they are able to advocate for you to help you secure a mortgage.
Schedule a face-to-face meeting
Face-to-face meetings are an effective way to convey information and build a successful business relationship. When you meet make sure you have completed some mortgage research beforehand. By doing this you’re able to see what kind of rates might be available to you. By meeting face to face, you’re also able to get a good understanding of if they’re a good sales person or not. This is key as their job is to sell you to lenders! By meeting in person you should be able to grasp if they would be good at speaking to lenders and negotiate on your behalf. The better they are at selling themselves to you, the better they will be at selling you to lenders.
After you meet
If you’re still not completely confident in their abilities after you meet face-to-face, It’s totally normal to meet with several different mortgage brokers.There’s no shame in ‘shopping around’ to ensure your goals and interests are aligned.
PST! The Dodd Team can help too!
We have lots of network connections, including trusted mortgage brokers. So if you’re not sure where to start – we’re here to help!