How to choose a mortgage broker

Buying a home, whether for a primary residence or an investment, is a very important decision. There are many factors to consider and one of the most important is to choose a mortgage broker. Your broker is a critical partner in the financial process, so finding someone with the right experience, range of mortgage products, and a strong record of performance is not something to be taken lightly.

Where to look for a mortgage broker

Many people are not sure where to start looking for a mortgage, especially if they have not bought a home before. Even if you have purchased real estate in the past, your needs have probably changed enough that you can search for the right broker based on your current circumstances.

Some of the best ways to find mortgage brokers include:

* References: ask your friends, family, colleagues and colleagues for their recommendations. You can learn a little about how a broker works with clients simply by talking to the person who provides the referral.

* Accreditation: Check with the Australian Mortgage and Finance Association (MFAA) and the Australian Finance Brokers Association (FBAA) for a list of accredited members. Look for brokers who have achieved at least a Certificate IV, or even better, a bachelor of business or college law.

* Internet - Search for mortgage brokers online. You will be able to carefully read their web pages and get an idea of ​​whether they are right for you and vice versa. Some mortgage brokers also publish reports and host finance and property related seminars that you can read and attend for free. This can be useful in determining your knowledge and experience.

Once you've compiled a list of potential mortgage brokers you want to consider, it's time to start getting to know them a little better.

Knowing your mortgage broker

Her primary interest is finding the broker with the variety of products she needs, the experience to make sound suggestions, and the customer service skills to fully meet her needs throughout the loan process. There are many mortgage brokers, so it is up to you to find the right one for your preferences and needs.

Host a "get-acquainted" meeting over the phone or in person with multiple brokers; Most experts recommend talking to a minimum of two different brokers but not more than four. This gives you a diverse set of options to consider without getting too overwhelming or confusing.

Please note that you can use any agent in the country regardless of their physical location. And technology like email makes it easy to communicate effectively with your agent without being in the same location.

Ask each broker about the following important considerations:

* Experience: what type of training, certification and accreditation do they have? Do they have properties? Are they real estate investors? Do they have testimonials from existing customers?

* Experience: What kind of clients do they attend (for example, first-time home buyers or real estate investors)? Do they have any knowledge of property tax, structuring and legal issues?

* Lender Panel: Mortgage broker in Guelph represent a range of different lenders; This is known as your lender panel. Find out which lenders are on your dashboards and check to make sure these lenders are reputable. Don't get caught up in the number of lenders on the panel, but look for high quality.

* Personality: Your mortgage broker plays a key role in finding the right mortgage product for your needs, so it's important that they work well together. Find someone who is patient, who can clearly explain all aspects of the loan's products and structure, and who can answer your questions and listen to your concerns.