Selecting the Right Agent

Selecting a mortgage broker is the one most essential choice you need to get right. If you get this one wrong, you are in for a very bumpy ride. If you get - a fair, professional agent will make everything else work in your favor. Reading this section, you probably already know why you need a mortgage broker, but since it is important, here is a quick reminder:

1. A mortgage broker can find deals nobody else can find or offer.

2. They can negotiate a great mortgage rate by making lenders compete and match prices.

3. They have access to lenders who work through brokers only.

4. They can help you if you have a problematic (or a lack of) Canadian credit history.

There are more reasons, but we are sure you get the picture. Ok, but how do you choose one? Here are a few steps that, if followed, will lead you to a safe, gainful choice in this.

Do your research, using both the Internet and phone. Ask about deals a mortgage broker has on offer and inquire about conditions. The home loan is going to be a part of your life for the next several decades, so make sure to compare offers.

Ask to see the offers in writing. Nothing is solid or finalized until it is put in black and white. Print out the offer pages and keep them filed away for later reference and easy comparison.

Document all dates, times and offers you get. Keep the information together in case of a dispute. An honest broker will always support this habit.

Get a feel of it. Visit the office, ask questions, talk, and get to know the person behind the job. Inquire on what basis they make their recommendations. Make sure you feel confident about working with them. Make sure you ask about the commissions they are paid so that you get a service that is both transparent and fair.

Remember, some lenders only deal through mortgage brokers, so make sure to ask your broker about such lenders - you might land a really sweet deal. Good luck!

For more information and useful advice, read our other site sections or call now for qualified, first hand, professional assistance from a Super Rates professional.