Five Hallmarks of a Great Mortgage Broker

You have all your ducks in a row. You’ve carefully analyzed your financial situation and you’ve determined you’re ready to take on a refinance loan.  Your credit score is a known commodity to you and your credit report looks good. To ensure that you’re ready to refinance your existing home, you’ve examined all entries on your credit report and made sure that the story your credit report tells is compelling and accurate. Before you can refinance your home, you need to select a mortgage broker. While you can find a mortgage broker by opening your local telephone directory or doing a Google search online, you’ll increase the odds of finding a great mortgage broker by following this checklist:

•  Experience – Finding out how long a mortgage broker has been in business can be critical to your overall lending experience. A more experienced lender will generally have a greater knowledge base and the benefit of having made — and learned from — previous mistakes. Writing your mortgage loan is no time for on-the-job training. You deserve a mortgage broker that can meet your needs quickly and efficiently.

•  Ethics – Because you’ll be sharing personal information with your mortgage broker, it’s very important that you satisfy yourself that the mortgage broker with whom you will be dealing is honest and above board. The overwhelming percentages of mortgage professionals agree to follow the precepts of the code of ethics as prescribed by the Canadian Association of Accredited Mortgage Professionals.

•  References – Ask for and check references for loans that the mortgage broker has recently written. When you speak with the borrower, ask them how quickly the broker returned telephone calls and answered questions, how satisfied they are with the overall level of service they received, and whether they would recommend that mortgage broker to their friends and family.

•  Personal Service – This may seem like a no-brainer, but ask any mortgage broker with whom you are considering working about their commitment to personal service. Will your questions be answered by the mortgage broker? When you call the office to discuss your pending loan will you speak with a mortgage broker, an administrative assistant, or whoever happens to answer the phone? While it’s not necessarily imperative that you deal exclusively with your mortgage broker, it can be reassuring to know that you’ll have one or two points of contact to solve any problems or answer any questions you may have.

•  Great Rates –Finally, find out what kind of interest rates your mortgage professional has to offer. Some mortgage brokers offer loans from only one or two companies, while others research the market and find you the best overall loan package for your financial situation. Great rates can be important, but even more important is the overall cost of your loan.

By following this checklist, your overall experience should be a happy one. You’ll get a loan that will accomplish your financial goals and help you reach your desired destination much more quickly. Refinancing your home doesn’t have to be a pain in the… anything. By working with the right mortgage broker, you can make sure that you can honestly tell your friends and family that you enjoyed working with your mortgage broker and you can’t wait to do again.

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