While a mortgage broker makes the process of securing a mortgage and buying a home smoother, many potential home buyers don’t know what to look for in a mortgage broker. What are the most important things to look for in a Grande Prairie mortgage broker?
A good mortgage broker will have a professional attitude, though anyone who treats you like you’re stupid for asking about the terms and conditions of a contrast is not someone you want to hire. A good Grande Prairie mortgage broker will take the time to answer your questions without putting you down, and they’ll never pressure you into something you don’t understand.
A Broad Portfolio
A mortgage broker who refers you to the lender next door is doing the same thing your bank would do except charging you an extra fee for doing so. The value of a mortgage broker is their broader network of lenders, including some that you wouldn’t even know about. Because they have many different lenders to draw from, they can find the right mortgage for you. This is why a mortgage broker could find a low interest loan despite your poor credit score. You need a mortgage broker to a lender who will underwrite your mortgage because self-employment or an aversion to debt leaves you without the credit history mainstream lenders require for the best rates. A mortgage broker could find a mortgage with the right terms for you such as a loan without a pre-payment penalty or low upfront fees. You may only find the loan you want with a mortgage broker if you’re trying to buy a business with an apartment on the second floor or refinancing a home with little equity but in need of major repairs.
A Team behind Them
Why would you prefer a mortgage broker with a full staff instead of a one-person operation? The obvious benefit would be coverage. You don’t have to worry about your mortgage closing being delayed because the only professional on staff went on vacation or went in for surgery. Then there’s the fact that the brokers can provide far better support for their customers, since there is almost certainly someone available to answer your questions during weekends and evenings. If you like the loans they’re able to provide but not the particular broker, it is far easier to switch brokers within the same office than drop everything and go somewhere else.
One mistake people make is selecting a mortgage broker who isn’t just a mortgage broker. You want to work with a Grande Prairie mortgage broker that only helps people find mortgages. If the mortgage broker is part of a real estate agent’s office, the people you’re working with may not be full-time mortgage brokers. This hurts their quality of work first and foremost, and in worst case scenarios, it can lead to conflicts of interest. A mortgage broker whose office also contains real estate agents, inspectors and construction contractors isn’t providing all-in-one services except to guarantee you generate as much profit for them as possible.
A good mortgage broker has significant experience as a mortgage broker. Someone new to the profession will make mistakes, and mistakes made with a mortgage have more zeroes on the end than if you made the same mistakes signing up for a credit card. You also want to see how long the business itself has been in business. A business that just opened but has staff claiming to have been in business for years is a red flag, since they may have closed down the old firm due to its bad reputation.
Contact Jodi Whalen with Whalen Mortgages to receive expert advice that you can trust.