Planning for your home purchase or starting your own business requires that you find the right mortgage broker to work with. Working with a legitimate broker allows you to access the best loans and meet your financial needs. If you proceed to apply for loans on your own, you may be limited to only your direct contacts and present resources in Vancouver.
Here are the best tips in looking for the best mortgage broker if you’re based in Vancouver:
1. Ask recommendations from people you know and trust:
There’s a good chance that one of your friends or relatives may have already transacted with a reputable mortgage broker in your area. When making plans for your house construction or business, the first thing you should do is to ask around and consult your friends and relatives about their mortgage broker recommendations.
Your personal contacts may have experience in broker-hunting, or they may have reputable connections in the industry. In Vancouver, a highly-recommended and reputable mortgage broker company is GLM Mortgage Group.
2. Do your research thoroughly:
Once you have your requirements prepared, you should start doing research in order to collect a good number of options as well as to protect your interests and ensure that you work with a competent and legitimate broker. Here are some things you can do:
- Go online and search for possible mortgage groups in Vancouver. Excellent mortgage brokers would have a strong online presence.
- Gather all the information that you can, and then make a short list of the brokers you’re most interested in.
- Focus on important details such as the company’s network connections and affiliations. A mortgage broker with the most number of quality connections would have the flexibility to give you more options, with better terms and rates.
- Search for customer reviews about the mortgage brokers you’re strongly considering.
- Check review sites and forum boards to see if your potential brokers receive good or bad client feedback. In this day and age, it would be difficult to suppress negative reviews from dissatisfied clients.
3. Set up meetings with these brokers:
It’s important that you meet with your potential brokers. During your first meeting, you’ll get a firsthand feel about how the broker meets your expectations of a successful deal. Here are some pointers to guide you in your meetings:
- Observe how the mortgage broker asks you questions. He should be sincerely interested in what you have and what you need.
- Assess the types of questions a potential broker asks you. The broker should be able to get the relevant information from you in order to find the best deal that will answer your needs.
- Observe how thorough a broker is in interviewing you. Thoroughness is likewise a great indicator of the broker’s experience and interest in closing a successful deal for you. Getting a full picture of your position can aid your broker greatly when negotiating with potential lenders.
4. Be honest with your potential brokers and tell them exactly what you need:
On your end, be sincere in your meetings with prospective mortgage brokers. The best brokers will give you multiple options to choose from. All the information that you give them will be used to get you the best arrangement and terms with lending companies. The broker’s job is to close the connection between you as the borrower and the lender. By being fully transparent with your broker, you’d be helping him seal the deal faster and more smoothly.
5. Gauge how cooperative and flexible each broker is to your requests:
After you share your needs for your upcoming investment or project, assess how each broker tries to accommodate your preferences and address your concerns. For example, if you have concerns about the capacity of your personal income to get you a substantial loan, check out the video below on how GLM Mortgage Group can help you compute and declare your stated income so that you get better deals with lenders.
Watch this video for more insight:https://www.youtube.com/watch?v=OtGtLcrRo4Q
Moreover, inquire about all possible rates, fees, and terms. There are small differences in these details which can lead you to closing much better arrangements in the end.
6. Ask to speak to a former client of the broker:
While you may not actually have the time to meet with your potential broker’s past clients, you may pose this question to see how confident your broker is about his services and the satisfaction of his clients with his services. If your broker is reluctant about declaring his references, you may want to continue searching for good brokers. However, if the mortgage broker you’re meeting with can give you names and contact details confidently, it means that the broker has happy clients who’d gladly refer him to others.
If you do meet with a past client, here are some questions you may ask:
- How clearly did the broker communicate with you during negotiations for your loan? How were you informed about each step of the brokering process?
- How satisfied were you with the loan your broker arranged with you? Did your loan meet your financial needs?
- How much did you pay for? Were all charges explained clearly to you from the start? Were there any hidden fees you suddenly had to pay?
- Would you recommend your mortgage broker to me?
7. Compare between two or more potential brokers:
Once you’ve met with several brokers, tabulate the details you’ve gathered about each one and then do a comparison. Remember that lower interest rates don’t always guarantee you the best deal. You should be able to select from various combinations of rates, fees, and other charges.
Once you have all the important information you need, make a decision and meet with your chosen mortgage broker to close the deal. Before you make a final choice in the broker you’ll work with, shop around and study your options thoroughly. Doing so can save you a lot of money in the long run.