When it comes time to buy a home and apply for a mortgage, you want to get the best mortgage package for your situation. The best way to do this is by using a broker, like our Grande Prairie mortgage broker team. Shopping around for the right broker is also important, and there are some characteristics that you should look for if you want to find a great mortgage broker.
They Should Put Your Best Interests First
When you use a lender, they often push for a mortgage package that is beneficial to them, rather than to the client. A mortgage broker, on the other hand, is less biased and works to find the best package for you. A great broker needs to have the experience and knowledge needed to find options that fit your financial situation.
Unfortunately, there are some brokers who are not as unbiased and will put their needs before those of their clients. For example, they may offer or push for a mortgage package that isn’t very suitable for you because they get paid a large commission on it. This could cost you more money over time.
Honesty and Transparency
Another important characteristic of a good broker is transparency and honesty regarding everything they are doing. A good mortgage broker won’t promise you more than they are able to deliver because they are that desperate to close a deal. This is a big red flag that they may be hiding fees or making changes to the mortgage package and not telling you. A great mortgage broker will go over everything with you to be sure you understand what you are getting and will tell you about any fees. They will also not be afraid to tell you what they aren’t able to do for you and will be honest and realistic about loan qualifications.
They Should Pay Attention To Details
Details are crucial when it comes to applying for a mortgage, and it’s a very complex process. A great broker needs to be sharp when it comes to those details, both big and small. They will make sure that your paperwork is filed in a timely manner and pay attention to timeframes. After all, one missed major detail can jeopardize the whole mortgage process. They will also make sure that you understand those details as well, and will keep you updated about any changes.
They Are Upfront With Fees
Some brokers are given compensation for using a specific lender. However, some private lenders will charge the homebuyer. A great mortgage broker will let you know of any upfront costs straight away so that you can decide if you want to go with that lender or not. If your broker seems to get nervous when you ask them about fees, it’s a red flag that they may not be telling you everything.
When you apply for a mortgage, your financial situation and finances are being accessed. These are personal and delicate areas of your life that you won’t want just anyone to have access to. This is why it’s so important to shop around for a good and reliable mortgage broker who will safeguard your information and who will work with your best interest in mind.
If you have questions about mortgage rates and are looking for a great mortgage broker, give our Grande Prairie mortgage broker team a call today!