Buying a house — whether it’s your first home or your twelfth revenue property — is a big financial decision that requires careful consideration. Most Albertans spend 20-30 years paying off their mortgage, so it’s important to know that the mortgage broker you’re working with is acting in your best interest and is there to help you find the best solution. Here are some of the things you should consider when choosing your mortgage broker.
Whether you have a friend or family member who just worked with an excellent broker or turn to the internet for reviews advice, word of mouth can be a great place to start your search. Sometimes, it’s easier to feel comfortable with a broker you know helped out a friend, but that’s not always going to be an option. If you’re starting your search from scratch, ask the brokers you’re interested in if they can provide you with some references.
Unfortunately, nothing is solid until it’s in a hard copy. As you shop for a mortgage broker and the best deal, make sure to ask for paper copies of all your offers. Stay organized, so you can find your paperwork when you need it. If things come down to your word against an employee’s, you’ll want the hard evidence to back you up. Though, if you need to resort to a paper copy to have a broker stand by its word, you may want to take your business elsewhere anyways.
Anyone can set up a half decent website and say they’re a business nowadays. But when it comes to your mortgage, you need to make sure you’re working with professionals who have been in the business a long time and have the necessary connections to lenders. A reputable mortgage broker should have a professional office space where you can talk with someone. Go and see if your broker’s office looks professional. Are they busy with numerous clients? Decide if this looks like the kind of business you trust to work in your best interest.
Often mortgage brokers are paid through commission by the lenders they work with. This can lead to a conflict of interest if some lenders are offering higher commissions than others. Remember that your mortgage broker is supposed to act as your agent. It’s their responsibility to work on your behalf. You can ask about how the commission they are paid works. In the end, you’ll need to decide if this is someone who wants to help you. (Some brokers also charge clients a fee, so be sure to ask about that too!)
Your broker is helping you to make a big decision, so it’s necessary that you trust them to work in your best interest. At the end of the day, we suggest going with your gut. If something seems to good to be true, ask about conditions and don’t work with someone you don’t trust. The mortgage experts at Source Mortgage have been helping Calgarians to buy their homes for over a decade. If you need friendly, professional advice on your mortgage options, contact Source Mortgage today at (403) 341-7800.
Source was absolutely great to work with - went above and beyond to help us get everything done when buying our new home. Highly recommended!! Chad and Jenelle Richards Jan 09 2013
Chad and Jenelle Richards
Added January 23rd 2013
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