Top Five Things To Look For When Hiring A Mortgage Broker

One of the most important steps in fulfilling your dream of homeownership is successfully obtaining a mortgage. While there are many different places where a buyer can secure a mortgage from, deciding where to secure financing and the type of financing to use can be quite confusing. While some people opt to get a mortgage through their current bank, consulting a mortgage broker has multiple advantages.

Mortgage brokers act on behalf of clients to arrange and give advice on the best home loan options. They do this by having agreements with banks and other lenders which allow them to submit loan applications and negotiate the best deals. They also work with lawyers and accountants to make things easy for their clients.

Hiring a mortgage broker ensures that there is no confusion along the way, and applying for a mortgage becomes a stress-free experience. However, the process of selecting a broker from the numerous options poses a challenge. To help you narrow down the possibilities and know what to look for, here’s a list of the top five things to look for in a mortgage broker.

1. Knowledge of more than one type of deal.

There are multiple mortgage deals out there. Mortgage brokers might not know them all, but should be able to tell you enough and give you the best deal possible. Ask them about the alternatives and why they would suggest one over the other. Get as much information as you want because, in the end, you have to make the payment.

2. Ability to use current income to get best rates.

Your mortgage broker should not be working with your salary post-tax deductions but before them. They would then have a larger income on paper for better loan options. They should provide alternatives as well, so you always have options to pick from.

3. Ability to know when to use other types of income so you can qualify for more money.

A mortgage broker should be able to find money when no else can. One skill they could use is showing other sources of income to find better options. Financial institutions always provide better prospects to individuals with higher incomes, so adding to those incomes through assets might be a good idea.

4. Quick approvals.

It can take hours to apply for different loans and then there’s the back-and-forth communication involved in underwriting the loan and ensuring the transaction stays on track. Work with a mortgage broker that can save you the hassle of managing all those daunting details and can get the job done in the quickest possible time.

5. Always communicating with client and realtors every step of the way.

Mortgage brokers should keep their clients in the loop of everything that is happening. It is easy to work with clients and when the job is complete, disconnect from them. If options initially provided didn’t work out, brokers should keep their clients in the loop and constantly tell them about the new ones that may be available to them.

If you’re looking for a mortgage broker in Burnaby, BC, reach out to Hu Brietkopf. I have access to over fifty of Canada’s top lending institutions and can place all types of mortgages, including home purchases, renewals, refinances, debt consolidations, mortgages for self-employed and bad credit situations. I have been in this business for some time and can assist with all the ins and outs. To learn more about the services I offer, please click here. To get in touch with me, please click here.