So, you’ve taken that deep breath and decided to buy your own home. Great!
Now it’s time to secure financing and procure yourself the best deal that fits within your lifestyle and your year-round budget. A mortgage broker can be an invaluable resource.
Benefits of working with a mortgage broker:
A broker is essentially a liaison between you and the lender. Brokers exist in many different markets and their tasks can vary.
In the mortgage market, there are licences and certifications they must acquire before representing clients. They are also regulated and are bound by a code of conduct and ethics.
A mortgage broker will be savvy about the lending world that the average person wouldn’t. They will be able to cull through the various lenders to see which are the best deals for you.
They’ll also present them to you in language that is both truthful and easy to understand. Why go to a bank when they, frankly, can only offer you what is in their interest with only one set of products? Why not have a plethora of choices?
Brokers also have connections and relationships with lenders that they can call upon in case your credit isn’t where you’d like it to be. They can also find you the best deals available.
Finally, brokers also take a lot of the legwork out of home hunting for you. Dealing with a lender directly often results in lengthy paperwork that can be confusing if you don’t have the knowledge to back yourself up. A broker takes care of that for you and ensures the forms are filled out accurately and promptly.
Tip One: Meet the broker in person (if possible)
Texting, emailing, Zoom-ing, etc. are all wonderful ways to connect. Especially in our current climate, with safety being top priority.
However, meeting your broker in person whenever possible (and safely) is a great way to gauge if you click as people. It will also help you to better evaluate their expertise and see how quickly and comfortably they can answer your questions. They should also be current with mortgage industry standards and be able to answer you in language that you can understand.
Get in touch with us to discuss booking an appointment as soon as you feel comfortable.
Tip Two: Ask the important questions
Asking questions is how we learn — and your mortgage broker should be all too happy to help represent you by offering you their expertise. It’s also important that your broker understands all the details about your financial situation, so that they can help you in the best manner possible.
Asking about current Canadian mortgage rates should be the first on your list. Many lenders will offer different rates and packages, which is why it is important to understand who is offering you the best solution.
Find out about who they work with as far as lenders go, and why. Relationships are important, but so is business. A broker should be working with reputable lenders with accreditations that are also easy to communicate with.
Tip Three: Get references/referrals
The best and quickest way to get unbiased feedback is to look at their reviews online. Between Google reviews, Yelp, etc., it’s hard not to find out the truth about a company or professional individual. You can even ask your prospective broker what their previous clients have thought of them. If they’re good at what they do, they’ll have no problem offering up some feedback.
Ask homeowner friends and family who they have worked with and get honest feedback from them as to how their experience went.
Contact Axiom Mortgage Solutions
At Axiom Mortgage Solutions, our team understands that finding the very best rate for a mortgage is scary even at the best of times. So while you’re figuring out the “new normal”, don’t let your plans to buy a house fall by the wayside.
Give us a call at either (519) 735‑1440 (for our Tecumseh location) or (519) 326‑4978 (for our Leamington location). Or fill out our handy contact form. We can’t wait to hear from you!
