Also called “mortgage advisors”, these professionals are like the middle person between you, the homebuyer, and different lenders. One of the main advantages of going through a mortgage broker is that they are connected to many lenders, which means you don’t have to settle for the mortgage your bank offers you.
A mortgage broker’s job is to shop around to find you the best options. They can negotiate with lenders on your behalf. It can be the best choice for homebuyers with low credit scores or other circumstances that prevent a bank from approving a mortgage. In addition, brokers will fill in your paperwork for you.
However, not every mortgage broker is the same. Here are some things to consider when you are looking for a broker:
Research. Try to find out about a mortgage broker’s history and experience. Have they taken any extra courses or training? How do they stay on top of the industry? What do past clients say about their experience? You should also do some research about mortgage rates to understand whether the broker is offering you a reasonable rate.
In-person meeting. To help you narrow down your search for a mortgage broker, pick a handful to meet in person. Doing this can give you insight into their personality and what it would be like to work with them. Are they informed about the industry? Do they answer your questions confidently? Does the broker treat you respectfully and courteously? Dealing with mortgages can get complicated, so you must have a broker that can explain things in a way you understand.
Types of lenders. Find out what types of lenders the broker works with and research them online. You want to be sure that these organizations or lenders have a good reputation before you borrow from them to pay for your home. How many lenders does the broker work with? If it is a small number, ask them why they work with those lenders.
Understanding. When you meet the broker, be upfront about your financial situation. Assess the types of options they suggest for you. A good mortgage broker should understand your situation and offer options that are in your best interest.
Sales pitch. Let your mortgage broker make you a sales pitch. They should be able to convince you that they can offer you something that other brokers cannot. What makes their service stand out?
Working with an experienced professional mortgage broker can help you find the mortgage product that best suits your situation. If you are interested in working with a mortgage broker in Whitby, call Northwood Mortgage™ at 888-492-3690 or contact us here.