There are many reasons for people using a mortgage broker. As a Burlington mortgage broker, I deal with everything from first-time mortgages to refinancing. We have a finger on the pulse of the real estate market and access to many deals that you won’t see with going straight to a lender. A good mortgage broker will take the time to assess your needs and find the best options for you, so it’s important that you find the right one. There are a few things that you should look for when evaluating mortgage brokers.
Good Relationship
One of the most important things when looking for a mortgage broker is how well you get along with them. You are trusting this person with your financial affairs and sensitive information. If you don’t feel comfortable with a broker, then they may not be the right one for you.
Some things to look for are how they communicate with you. Are they open, friendly, and answer your questions, or do they seem to give very little? A good broker will take their time to make sure you understand the mortgage process, the deals on offer, and answer your questions. Are they easy to get a hold of when you call, or does it seem to take ages for them to respond? The best brokers tend to give you updates so you know how things are moving along. Your broker should also be able to clearly explain any terms and conditions and be upfront about any costs that are involved with using their services. Building a good working relationship with the right broker will make the mortgage or refinancing process feel a lot less stressful.
Efficient with Paperwork
A good broker also needs to be knowledgeable about any necessary paperwork that is needed and is timely with filing it. There is nothing worse than using a broker who either keeps losing your paperwork or has to keep coming back to ask for something that they should have asked for in the initial meeting. It slows things down and can result in you missing the home that you wanted to buy.
Saves You Money
A reputable mortgage broker is there to help you, and that means finding the best mortgage package that will save you money. Most brokers work based on commission, which means they don’t get paid unless they sell a mortgage package. If a broker is pushing a package that doesn’t feel suitable to you, they probably are not the right one for you. Mortgage brokers have access to a lot of deals that you won’t get on your own and should always be able to offer one that will benefit you and your situation. They should have a flexible lending approach when looking for deals.
Reviews and Referrals
One of the best ways to find yourself a reputable mortgage broker is to ask friends, family, and co-workers. People that are happy with their broker will gladly refer them to others. You get a first-hand account of their experience using them.
If you don’t know anyone who has used a broker, there are always online reviews that you can check. There are also websites that you can check for mortgage scams and to check their legitimacy.
It’s important to build a good relationship from the start with a Burlington mortgage broker, because you may need them in the long-term when you decide to refinance. So, make sure the broker you choose feels like someone you can work with long-term. If you’re looking for a reputable Burlington mortgage broker who puts your needs first, give us a call today!
