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4 Things To Look For When Choosing A Mortgage Broker In Vancouver

Written by Posted On Thursday, 14 February 2019 16:20

In Canada, 57% of first-time home buyers obtained their mortgages from brokers in 2016, as published by the Canada Mortgage and Housing Corporation. When it comes to buying a home or refinancing mortgages, more Canadians prefer to deal with brokers over banks.

Many people seek the help of mortgage brokers to get approved for a loan, most especially for those who don't have a good credit history. So, if you're looking for a trusted and reputable mortgage broker in Vancouver, you'll find online resources, such as https://www.geoffleemortgage.com/, that can help you with your mortgage needs.

Here are the things you need to look for when choosing a mortgage broker in Vancouver:

1. Good Characteristics  

A good broker will give options to help you save money and determine the best mortgage product appropriate for your situation. Their job doesn't stop when your loan is approved, they will help you review your mortgage continuously to assess if the product still works for you and check how you can pay your balance faster.

The characteristics of you need to look for in a mortgage broker include the following:

  • Demonstrates excellent communication skills by clearly explaining the terms of mortgage products available.
  • Displays active listening by acknowledging your concerns.
  • Able to deliver promises through the testimonials of previous clients and referrals.
  • Shows genuine concern and interest by contacting you even after you signed the contract.

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2. Reputation and Credentials

Researching for potential mortgage brokers is a crucial step in attaining your primary objective to hire one. Of course, you don't want to end up with someone who will give you false promises, and find yourself filing for bankruptcy.

You can use the internet to find trusted and reputable mortgage brokers in your local area, someone who can also offer guarantor mortgage. Know more about guarantor mortgage by watching this video, https://www.youtube.com/watch?v=2JDtSyHnwmk.

Check these helpful tips to help you with your search:

  • Check peer reviews or customer testimonials online, such as Yelp. Most high-profile mortgage brokers are talked about in review websites.
  • Visit the website of your prospective broker, if available. You can also check the profile of the mortgage broker in LinkedIn.
  • Run a quick search on the directory of Canadian Association of Accredited Mortgage Professionals through the website of this organization, to ensure that the mortgage broker is accredited.

3. Edge and Experience

If you already have a list of potential mortgage brokers, the next step is getting recommendations from family relatives, friends, professionals, and past home buyers who have worked with one. This step is vital to ensure that you'll come up with a broker who has an edge and enough experience, so that you can get personalized assistance throughout your mortgage loan.

Here are some tips and tricks to accomplish this task:

  • Reach out to your prospective mortgage brokers and get to ask a few questions on the phone. Keep those who will give you a good vibe on the phone until you're left with the three top candidates.
  • Coordinate a good time to meet each candidate. A credible and reliable mortgage broker will be happy and excited to set the soonest time possible at your most convenient time.
  • Determine how long the broker has been in the business, the number of lenders a broker deal with, and the application process

4. Confidence and Expertise

Conduct an interview and don't hesitate to ask as many relevant questions as you want. By doing these steps, you’ll be able to gauge the expertise and confidence level of your prospective mortgage broker.

Find out more information about the expertise of a mortgage broker by asking about:

  • How your mortgage will be. Consider prepayment privileges, assuming mortgages, porting, and whether to choose fixed or variable mortgage rates.

  • Average closing times, documents required, and specific requirements such as debt-to-income ratio, down payment, and credit score.
  • Access to a Vancouver lender panel, which is comprised of both conventional sources, such as credit unions and banks, and non-conventional sources, like private lenders. A reputable mortgage broker has access to the biggest names in the industry.
      

Conclusion

You'll appreciate all your effort once you've finally found the right broker who can help you find the best mortgage product. By applying the tips mentioned above, you'll find that hiring a mortgage broker can make your life easier, and the cost is all worth it. Attain the best possible mortgage term and peace of mind working with a trusted, reputable, and experienced mortgage broker.

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Elena Tahora

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