Posted onMay 15/2015
Shopping for a mortgage broker is like buying a car. You read up on the newest safety features. You take test drives. You sit down with the dealer and ask questions. Simply put, you want to make sure you’re getting the best deal for the safest vehicle.
Looking for a mortgage broker is the same. It’s important to find a broker that suits your current and future needs. However if you’ve never worked with a broker before, you may not know what to look for.
Here is a comprehensive list that gives you everything you need to show you how to shop for a mortgage broker:
- Figure out what you think you want
Before meeting with any broker, think about the kind of home you are looking for. Do you have kids? Will you have kids? Do you need to be close to a school? Do you want to live in a condo? Is having a backyard important? You don’t need concrete answers to these questions, but have a general idea of the type of home you’re looking to purchase.
- You don’t have to localize
Many big firms will have offices scattered throughout the province you live in. Or you may see an ad for a firm that is off the beaten path. As long as the firm you go with operates under the laws of your city and province, their office doesn’t have to be in walking distance from where you currently live.
That being said, dine-a-dozen brokers aren’t always the best ideas. You have to find a broker like Northwood Mortgage, one who has a strong history of success and value, and who has great testimonials from past and current clients.
- Read all about it
Online testimonials and word-of-mouth will give a good sense of how the broker operates, what rates they can secure and how personable they are. Visit their website and read everything.
For instance, here at Northwood Mortgage, we want you to ask questions and feel comfortable which is why we offer direct correspondence on our website. We also display our phone number and address because we don’t want to hide from you, we want to help you secure funding for your dream home.
- It doesn’t pay to pay
Most brokers offer free services as they are paid through the lender. Be aware of this while shopping for a broker.
- Price it all out
Every broker promises that they can get you the best rate. In reality, not all brokers can. Find out which lenders the broker works with and have them compare rates. This is only way you’ll get the optimal product you deserve.