Top Five Things To Look For When Hiring A Mortgage Broker
At some point in our lives, we have all needed mortgage or financial assistance. However, few of us know the correct route to follow or the numerous lending options available and how they affect their finances in the long run.
Fortunately, mortgage brokers serve as the middleman between you and the lender and negotiate the time-consuming process of securing the mortgage and handling the considerable paperwork that is inevitably involved.
Through their lending network, they arrange for financing for their clients and several other benefits. A qualified mortgage professional’s services will actively help you choose the best lending options while avoiding misunderstandings, making your home financing goals a reality.
If you’re looking for a mortgage industry professional to help you out, here’s a list of the top five things to look for when hiring a mortgage broker.
1. Experience
As is the case with most professions, an experienced mortgage broker shows competence, longevity, dependability and fosters trust. Choosing a mortgage broker who has been around for several years and has testimonials proving his commitment to his customers is an excellent way to ensure your mortgage or financing needs are in capable hands and you receive the best mortgage advice.
2. Access to Lenders
One of the primary and most important advantages of mortgage brokers is that compared to banks who sell just their mortgage product, mortgage brokers generally have access to a larger pool of lending options. While mortgage brokers are undoubtedly useful, it is wise to go with a broker that can offer you multiple options to choose from.
3. Transparency
Transparency is appreciated in nearly every industry and profession. However, in the context of a mortgage brokerage, it becomes even more critical. An honest mortgage broker will be open about the process and willing to disclose all fees and charges. Choosing a brokerage that values professional clarity will also be happy to explain their motivation and reasons why they think their mortgage product will be right for you.
4. Communication
There are multiple reasons why you may require the services of a mortgage broker. You could urgently need a spousal buyout, a homeowner looking to refinance your home or a first-time buyer. Finding a mortgage agent that communicates efficiently, listening to your concerns and actively offers numerous mortgage plans or solutions will give you a clear picture of where you stand and your options in terms of getting a mortgage.
5. Long-term planning
Some transactional brokers are in the mortgage business to just make a quick buck at the cost of vulnerable clients. When seeking mortgage assistance, it is essential to choose a brokerage in it for the long-term. They can offer you continual support and conscientious advice to genuinely help you on the road to financing. A mortgage broker who plans on being around in ten years will be sure to offer you the best mortgage product with the knowledge his reputation and success depend significantly on customer satisfaction.
If you’re looking for a mortgage broker In Vancouver, British Columbia, reach out to Rowan Smith Mortgage Broker - City Wide Mortgage Services. Rowan has been in banking and brokering for twenty-one years and an independent broker for eleven years. In addition to straight forward home purchases, he specializes in more complex transactions such as construction, private lending, commercial, and debt restructuring while in foreclosure.
The services offered include home purchase mortgage, mortgage pre-approval, mortgage renewal or refinance, construction mortgage, private lending, equity mortgage, debt consolidation, and self-employed mortgage. He serves clients across Vancouver, Yaletown, Burnaby, Richmond, Coquitlam, Surrey, South Surrey, White Rock, Langley City, Fort Langley, Langley Township, Aldergrove, Abbotsford, Chilliwack, Hope, and the surrounding areas.
To learn more about the services he offers, please click here. To get in touch with Rowan, please click here.