Top Five Things To Look For When Hiring A Mortgage Broker

For many homebuyers, especially those purchasing their first home, the mortgage process and benefits of certain mortgage products aren’t the easiest topics to wrap your head around. When seeking finance for your home purchase, it’s essential to have a clear understanding of all the available options.

While you may be learning about your options, a mortgage agent already has a broad and in-depth insight into the industry, the current market climate and has well-established relationships with several lenders and other professionals in the community. A mortgage broker will find you the best deal and help you get through this necessary complex undertaking in buying your dream home.

If you’re looking to hire the best agent and don’t know where to start, here is a list of the top five of things to look for when hiring a mortgage broker.

1. Dedicated.

A mortgage broker should be a full-time agent and dedicated to the mortgage industry. This business is definitely not a part-time job. Having a part-time agent may act as a hindrance as they might not be fully aware of the best lenders in the market. Also, they might not be updated on a regular basis about current changes in the financial or legal processes. Hire someone who has your best interests in mind.

2. Knowledgeable.

A mortgage broker should have extensive and intricate knowledge of mortgage products, terms available in the market and a full understanding of the rules and guidelines involved in acquiring the best product for most situations. A knowledgeable agent will readily answer any questions you may have about your options and equip you with everything you need to know to familiarize yourself with the process.

3. Experienced.

The best mortgage brokers will have years of extensive experience with arranging and closing mortgage deals in residential and commercial finance. The more volume of experience they have, the more likely they are to be well connected and have strong relationships with other professionals in the industry.

4. Good relationships within the industry.

Hiring a reputed mortgage broker is advantageous as they will have established strong and trusted relationships with banks, credit unions, alternative lenders and private lenders, compared to those who may only work as a part-time agent or are relatively new to the business.

5. Well connected.

A quality mortgage broker will have a trusted team of industry professionals such as lawyers, accountants, real estate agents and financial planners to assist a client’s needs with purchasing, selling, refinancing and investing in real estate. This comes from much experience in the industry and will be a huge bonus for you.

If you’re looking for an experienced mortgage broker across Richmond Hill, Toronto, Mississauga, Hamilton, Guelph, Barrie, Markham, Newmarket, Aurora and the surrounding areas, reach out to Stephen Spriggs at Mortgage Intelligence. I offer my mortgage expertise and knowledge to counsel and assist with my client’s financial needs and help them meet their financial goals. With my exceptional mortgage services, I offer the best rates on mortgage products from across Canada to my clients.

To learn more about the services I offer, please click here. To get in touch with me, please click here.