How to Choose the Right Mortgage Broker

By | April 19, 2017

Are you planning on buying a home at some point in the future? Will you be taking out a mortgage to buy this home? If this is the case, you will need to deal with a mortgage broker. This is the person who will be your primary contact at the lending institution that will be giving you the mortgage. This person will assist you to get the financing you need to buy a home you can afford. He or she will put you in a program at a specific fixed or adjustable interest rate. There are many mortgage brokers out there. Here are some of the best ways to go about selecting the right one.

1. Get in touch with people in your life who have bought a home in the past.

Ask all of your friends and family members to find out which of them has previously bought a home. These people have most likely all dealt with mortgage brokers when they purchased their home. The only way this would not have happened is in the unlikely event that they paid cash for their home. Find out all of the info you can about the experiences these people had with their mortgage brokers. Did they handle themselves professionally? Were they easy to get in touch with? Did they always return phone calls and emails in a timely manner? Were they helpful and always willing to answer questions throughout the entire process? Were your friends and family happy with the job their mortgage broker did? Would they recommend that you use the same mortgage broker they used? Keep notes on all the conversations you have.

2. How long has the mortgage broker been working in the industry?

Your goal should be to find a mortgage broker in Quebec who has been in business for at least six years. This will give you the peace of mind that you need to hire this person with total confidence. That amount of experience will ensure that your mortgage broker knows what he or she is doing. Many mortgage brokers will have their amount of experience clearly listed on the first page of their website. However, you can always call the broker and ask him or her directly if you are unable to find the info online.

3. Does the mortgage broker have the proper credentials?

It would be wise to do some research regarding any mortgage broker you are thinking about doing business with. This means you need to find out where they received their license. You also need to make sure that their license is still valid. Having a license tells you that the broker has received all of the necessary training that is required by your state.

4. Has the mortgage broker ever been sued or suspended?

Any legal problems in a mortgage broker’s past will not be something that he or she will be very eager to disclose to you on their own. This means that you must put on your detective hat and do some digging into his or her background. It is crucial that you know everything you can about the mortgage broker who you could possibly be dealing with in the future. You must leave no stone unturned. This is the only way that you can be totally certain that your broker does not have any skeletons in his or her closet. Has the broker been sued by any previous clients? If so, what was the nature of the lawsuit? How was it eventually resolved? Has the broker ever had his or her license suspended? If so, what was the reason? This is info that you need to have before you decide to move forward with a particular mortgage broker.

5. Does the mortgage broker have a good reputation?

Finally, you should take a peek at what people are saying online about the mortgage broker. This will give you a good idea about who you are dealing with. You would be wise to stay away from mortgage brokers who are getting overwhelmingly negative reviews online from previous clients. On the other hand, be on the lookout for brokers who receive lots of praise.