When choosing a mortgage broker don’t just look at who is promising the best and lowest rate. It’s important to work with someone who has your best interest in mind and will help you make the right choice for your loan. The mortgage process can be long and you may hit some bumps in the road, so it’s important your broker is experienced and can help you navigate your different options and any difficulties that may come along. Here are some of the things you can expect from your mortgage broker:
1. Form a mortgage plan
You need someone who will not simply get you a loan, but a mortgage plan. This can include knowing the basics like what you will pay now and down the road for the life of the loan. Remember that a mortgage can last many years so you want to know what to expect during that time. A mortgage plan can also include evaluating investment options for you down the road. Mortgages are not one size fits all so your mortgage broker should help you put together a plan just for you.
2. Inform and educate
We truly believe there are no bad questions when it comes to your mortgage. You should expect to have all your questions answered in a timely manner and to make sure you are really understanding what is going on. A home is a large investment so we want to make sure you are in control and aware of what’s happening every step of the way.
3. Personalized service
We make sure that when you have questions or need assistance you are speaking directly to us and don’t have to go through a large phone tree with getting no help. That can be a big difference between working with an independent mortgage broker and choosing a loan with a big bank. Make sure that your mortgage broker gives your loan the attention it deserves to make sure you are getting the best possible option.
4. Experience and expertise
Sometimes we will hit bumps in the road with your mortgage, so make sure you are working with someone who has the experience and expertise to navigate any issues that may come up. The difference between an experience broker and one that is not, could cost you your loan so be aware of this.
5. Have your best interest in mind
You may encounter brokers who simply want to close a loan, no matter what it is. This could result in you getting a loan that is not right for you and could lead to problems down the road. In my many years of working with borrowers, there have been time where I’ve simply had to present the available options and if they were not right then borrowers had to walk away. I was always understand of this, but also ready to help when more favorable options were available.
6. Doesn’t forget you after one loan
A good broker will make sure you are aware of how market changes are affecting you and when a possible opportunity comes your way. This can mean refinancing your home for a lower payment or investing in property. Your mortgage broker should remain in contact with you about these options and will work with you again when the time is right.