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What to Look for in a Mortgage Broker

What Does a Mortgage Broker Do?

A mortgage broker acts as the intermediary between you (the borrower or buyer) and the bank or lender. Their job is to ensure that as a buyer, you qualify for a mortgage. It is a relationship based on trust and professionalism, so choosing the right mortgage broker is paramount.

There are a few qualities to look for when choosing the right mortgage broker.

Honesty. You want someone you can trust, who won’t roll you unexpected fees or change their rate halfway through the process. If they offer you a deal too good to be true, chances are, it is. Straightforwardness with fees is an important quality in a mortgage broker, and one you can decipher soon after meeting them. Trust your gut and choose someone you feel comfortable around.

They Show up On Time. This may seem trivial, but it’s true. People who show up on time are generally more organized with a solid work ethic. The same goes with phone calls and e-mails. If your broker-to-be takes days to respond to your initial inquiry e-mail, or doesn’t call you back when they say they will, you may want to consider finding someone else.

Patience. One of the most discomforting feelings as a home buyer is being rushed. If your mortgage broker isn’t giving you the time you need, or seems eager to move on to their next client, consider hiring someone with the patience to help you make the right decision.

If you are choosing between several different lenders, it is important that your mortgage broker takes the time to help you explore and research each option.

Personability. Buying a house is, at its core, a business transaction, and should be handled professionally. But it helps to hire a mortgage broker who understands the human side of things. Stress, anxiety, and excitement are all part of the process of purchasing a home. An understanding, personable mortgage broker will help you stay relaxed and ensure you make the right decision.

It’s also important to hire someone who will welcome your questions, not hand you a brochure with a list of facts.

Past Success. One of the best predictors of future behaviour is past behaviour. Before you make a decision, do some independent research on your potential mortgage broker. Read online reviews and chat with past clients to get a sense of what kind of person they are.

Access. Ideally, you want a mortgage broker with access to a wide variety of leaders and financial institutions, giving you many options to choose from.

Choosing the right mortgage broker is an important decision. There are certain qualities to keep in mind during this process that will help you choose wisely. If this is your first time buying a home, Mortgage West – The Mortgage Centre, can assure you a professional, personable, and knowledgeable service. Contact Rose Blankenagel for more information.