Choosing the right mortgage broker will make a huge difference in your home-buying experience. Mortgage brokers are highly trained, educated professionals, and aren’t tied to specific financial institutions. This independence gives them the freedom to find the absolute best deal for you. There is a reason why new home-buyers are gravitating toward mortgage brokers rather than traditional banks and lenders. On paper, a mortgage broker is the best option for most. However, you should know that the decision of which mortgage broker is just as important as whether or not you use a broker in the first place, if not more. In this post, we talk more about finding the right mortgage broker.

So how do I choose my mortgage broker? 

The first step in choosing the right mortgage broker is always research! You’ve already researched what you need to get a mortgage, the area you want to move into, the house, realtors, and even weighed the pros and cons of direct lenders versus brokers. This means you are already quite familiar with what resources are at your disposal to make your decision.

Talk to friends and families in the area you are looking to buy a home once you’ve investigated your potential brokers’ websites and read reviews of their services. If there is someone you know that has dealt with a mortgage broker, you might be able to glean more from their specific encounters than that of anonymous reviewers. It’s not a requirement by any means, but you will find it helpful.

During the research phase it is best to tap into all resources you have available. Once you’ve exhausted your personal contacts and online resources, consider reaching out to realtors in the area who may have recommendations. More information is often better, and feedback from different sources will help you paint a more complete picture. It is important to note that some realtors will have in house mortgage-brokers. Remember that you are under no obligation to work with an in-house mortgage broker. It is important to get a number of different options when finding a mortgage broker to work with.

What should I look for in my research?

While investigating your candidates for mortgage brokers you should first review their experience. Have they been active for a while? Do they come with high praise from borrowers and mortgage professionals alike?

The next thing to look at is their credentials. This may seem obvious, but buying a home can be overwhelming at times, and it’s natural for things to slip or for us to take certain things for granted. You should ask if their credentials and licenses are up to date.

If your broker does it may speak to a commitment to expanding their knowledge in their field to better serve you. A well educated and a well-recommended broker will be indispensable in your journey to find a mortgage. Another important, but harder to identify trait of good mortgage brokers is how well they fit with your personality. If you are looking for the best rate only, you can be a bit more lenient here. If you would like to build a relationship with a mortgage broker and need advice and coaching, this should factor into your decision-making process.

It’s time to speak to your mortgage broker short-list

So, you’ve found a number of mortgage brokers that are well-educated, come highly recommended, and seem to be a perfect fit for you. Now it’s time to contact your potential brokers before you narrow it down to the one. The best way to do this is via email.

In your email, you should ask your broker how they work with their clients. Additionally, you should make sure they are in a good position to support your specific situation. You want a broker that will ensure your needs are being seen to, and that they are communicating with you every step of the way.

The next question is to ask about their range of lenders. A mortgage broker has access to lenders beyond that of banks and other publicly available lenders. If your mortgage broker works with a wide range of lenders they have more options to pursue to get the best deal for you! Feel free to ask them about any other additional information that you may need clarification on or just to confirm the information you received from elsewhere on them is accurate. A good mortgage broker will always be forthcoming with relevant information and eager to answer.

One last thing you will get from contacting your potentials is a sense of their personality. It may not be the most important element on paper, but your relationship with your mortgage broker is important. Like any relationship, compatibility will allow for more open and comfortable communication on both ends.

The only thing left is deciding who to work with!

You have put on your detective hat and investigated your potential mortgage broker candidates. You determined that they are up to snuff in both their experience and their education. Additionally, you’ve spoken to others in your social circle and decided they are a good fit with your personality. Now choose your broker and rest assured you have found someone dedicated to working for you! If you are planning on buying a home and need advice from an unbiased mortgage broker, give me a call at (705) 333-4338 or get in touch with me here!

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CMHC: 1-800-668-2642
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