Choosing a mortgage broker is an important first step when deciding to secure financing for a purchase or refinance. You want to make sure that the mortgage broker is experienced to find the best possible solution given your available circumstances.
A mortgage broker should also educate their clients throughout the process to help them understand the steps and answer any questions they may have along the way. In our experience, we’ve been told by countless clients that many mortgage broker do not offer insight into the process and are reluctant to answer questions that they may have about the process or the mortgage itself. This is a bad habit and as an experience mortgage broker, we maintain that it is important to offer as much information as the clients need in order to feel comfortable throughout the application process. We do not believe that clients should be in the dark about their mortgage application.
It is also, important to you to find a mortgage broker that is transparent about costs associate with their services. Many of our past clients that have come to us from other brokers, have expressed regret in working with them because they would not disclose the costs associated with their service until the absolute latest stage in the process. This is probably due to the fact that the application is so far in the process that it would be next to impossible for the borrowers to find a new mortgage broker to restart the process again. Much like the previous bad habit, we passionately disagree with this approach and prefer to discuss as much information up front as possible.
Keep in mind that on most mortgage approvals, the banks provide the mortgage broker with a “finders fee” which is the commission that is paid for completing the mortgage process. However, there are circumstances in which the finders fee is not payable by the lenders or is partially paid, at which point a mortgage broker would charge a “brokerage fee” in order to seek renumeration for services rendered.
Finally, a good mortgage broker should show interest in your personal goals as it relates to your mortgage needs in order to help you achieve those goals through guidance beyond the current mortgage transaction.
We are strong advocates of good mortgage broker practices and encourage you to speak with us today if you have any questions or are interest in learning more about our services – 905.455.5005.