5 Steps to Choosing Your Mortgage Broker

A MORTGAGE – One of the biggest financial decisions you’ll make in your life, and one of the trickiest to navigate! Check out these top 5 things to consider before you choose the mortgage broker you want to work with. 

A good mortgage broker loves their job and fosters relationships with lenders as well as their clients. We work for YOU, not the banks! The biggest factor in buying a home besides finding the perfect house, is finding the right mortgage loan. A mortgage broker can help you identify the best options by sourcing from different lenders. 

Do your homework. 

Look for a broker you can trust. Mortgage brokers are your access to the lender, so be sure the broker you choose is one that you can trust to provide you with service and support throughout the entire process. First off, inquire about their experience (ideally at least several years) and credentials of the broker in consideration. Read reviews from people who have worked with them. Do they come highly recommended? A great mortgage broker is personable, patient and informative.

Ask Your Broker Important Questions. 

Who are their lenders? Does the broker work with a large range of lenders? If they work with a smaller number of lenders (or even if they don’t), ask why they work with those particular people. Do you represent the borrower, the lender, or both? What services do you provide and how will you help me? Do you charge a fee? How will you be compensated?

Does this broker ask YOU questions?  

Find a broker who asks questions about your financial history and goals. This is imperative, as brokers will carry out business between you and your lender. The more a broker knows about you, the more appropriate rates and service they can provide.

Is the broker working in your best interest?

Choose a mortgage broker who receives the same commission rate regardless of the lender you choose. That way, you know the broker is recommending the product best suited to your needs–not the one that pays the highest commission. If you feel a broker is encouraging you to borrow more than you need or are comfortable with, it could be a sign to take your business elsewhere. 

Does this broker simplify the home buying process?

A good broker should present you with a number of loan options and clearly explain their reasons for recommending specific ones. A good broker won’t pressure you. Stay away from any broker who’s putting the pressure on to sign anything before you’ve received full and adequate information about your options. 

My number one goal is to always make the Mortgage Process Simple. I shop around to find the best mortgage to match your specific needs. Please don’t hesitate to reach out to me with any questions you may have. I am here to help!