Do you want to apply for a mortgage? Are you considering refinancing your property? Is your mortgage renewal date fast approaching? Whatever your situation, the mortgage industry can be quite complex. Since there is a lot of risk involved, you should make sure you choose the mortgage product that best suits your financial situation and the specifics of your real estate project.
Who better to help you than an expert in the field: a mortgage broker. This professional is able to guide and advise you throughout the complex financing process. Considering all the financial and legal implications of such a project, it is very important to choose the right mortgage broker. But how?
Why work with a mortgage broker?
Mortgage brokers are essential professionals in real estate transactions. Put simply, they are experts who specialize in the field of mortgages and financing. In this sense, they act as a facilitator between you and the financial institutions throughout your search for a mortgage product.
It goes without saying that shopping for a mortgage product is usually rather complex and can lead to many frustrations. Working with a broker has many advantages. Mortgage brokers:
- Provide you with personalized advice;
- Act as an intermediary with financial institutions;
- Obtain an advantageous and competitive interest rate;
- Negotiate in your favor;
- Save you time and money;
- Prevent you from making costly mistakes, etc.
Still not convinced that you want to work with a mortgage broker? Did you know that their services are completely free? In fact, brokers help their clients free of charge and are paid by the financial institutions they work with through commissions.
Want to learn more about these professionals? You may be interested in the following articles:
- What is the role of a mortgage broker in Quebec?
- Preparing for the first meeting with your mortgage broker
Choosing a mortgage broker: how do I go about it?
As we mentioned earlier, working with a mortgage broker has many advantages. However, you need to make sure you choose the right person for the job. While you may be eager to begin the process of buying, renewing or refinancing, you should still take the time to shop around for the right professional.
How do I do this? Here are some of the questions you should ask yourself during your search.
Has the prospective broker undergone professional training?
It is very important that you can answer this question in the affirmative. Indeed, any person working as a mortgage broker must have completed professional training and possess a valid licence to practice granted by the Autorité des marchés financiers (AMF). In order to obtain a valid licence to practice, a mortgage broker must:
- Complete and pass a training course recognized by the AMF;
- Successfully complete the two mandatory AMF exams;
- Complete an internship as required by the AMF.
Would you like to take a more comprehensive look at the steps required to become a mortgage broker? Check out our article Five steps to becoming a mortgage broker in Quebec.
Is the prospective broker a good match for my project?
Although all mortgage brokers working under the Autorité des marchés financiers are qualified, you should still choose the mortgage broker that best suits your project.
Did you know that some brokers only specialize in specific sectors of the industry? Some of them may decide to work exclusively with first-time buyers, real estate investors, clients with a risky record, etc. So be sure to pay close attention to the area of expertise of your prospective mortgage broker.
With this in mind, you are also better off working with a broker who is familiar with the area in which you are looking for a property. It should be noted that the underside of the property market can vary greatly from one region to another. As a result, it would be wise to work with a broker who has a good knowledge of your area. They will be able to provide you with more precise and personalized advice.
Is your prospective broker easy to reach?
In the real estate business, everything moves very fast. To make sure you don't miss out on any golden opportunities, you'll want to work with a mortgage broker who responds to your emails and calls in a prompt and timely manner. In fact, a good mortgage broker is one that will return your calls quickly and be available at all times to answer your questions.
Does your prospective broker have a wide professional network?
A quality mortgage broker has an extensive professional network. They should be able to introduce you to a wide range of mortgage products available from the various financial institutions. In order to provide you with the most comprehensive and diverse service possible, they should have links with major banks, credit unions, alternative lenders, private lenders, etc.
Do I trust my prospective broker?
It is important to find a mortgage broker you trust. Do you feel comfortable asking them the multitude of questions that come to mind? Do they answer your questions clearly and precisely? Do you trust their judgment? Are they listening to your doubts and concerns? It goes without saying that the broker you work with will play a key role in your real estate transaction. It is therefore important that you build up a relationship of trust with them.
If you have any doubts about their intentions and feel that they do not have your best interests at heart, you will find it difficult to trust them when they offer you mortgage products. So don't hesitate to shop around for a mortgage broker that you feel comfortable with.
Are you looking for a mortgage broker?
XpertSource.com can help you in your efforts to find a mortgage broker. By telling us about your project, we will refer you to top-rated experts, free of charge! Simply fill out the form (it only takes 2 minutes) and you will be put in contact with the right experts.
