Planning to buy a home and need the services of a mortgage broker in British Columbia? A mortgage broker is a registered financing specialist who is responsible for providing low rate and competitive mortgage deals to potential homebuyers planning to buy a new home. They serve as an intermediate between a borrower and lender. Brokers find and shortlist loans that fit the borrower’s criteria and then evaluate rates and terms on their behalf, saving the borrowers from financial troubles related to buying a new home.
Mortgage brokers can sell mortgage products from a network of lenders, giving them access to a broader choice of options than real estate agent, loan managers and even banks who are confined to just a few mortgage offerings.
Mortgage brokers then walk clients through the application and underwriting processes, which typically include compiling application, obtaining the borrower’s credit history, completing paperwork, confirming income and verifying employment information.
Here are some easy ways to choose the right mortgage broker for your homeownership needs:
Ask for recommendations
If you are working with a mortgage broker for the first time, it’s better to conduct an online search, check their service ratings, or ask for recommendations from your family or friends who have used the services of a broker in the past. In case you are buying a property with the assistance of a real estate agent, don’t hesitate to ask them for referrals.
Evaluate your options
Once you’ve established a list of potential brokers that you’ve found online or that your friends have recommended, check to see if they are licensed to provide mortgages and do not have a terrible reputation. You can also check out platforms like the Better Business Bureau, Yelp, and Google Reviews to see what prior clients have to say about each broker and how satisfied they were with their services.
Ask them questions
Before you settle on a mortgage broker, ask them a few questions. An professional and skilled mortgage broker will never hesitate to answer any of your inquiries. Some frequent questions to ask include:
How much experience do you have in this industry?
What is your application process like?
Which lenders do you work with?
What do you charge, and who pays the fees?
What is my likelihood of receiving a mortgage?
Can you share some references?
Finally, mortgage brokers are compensated on a commission basis and may emphasize selling mortgages from lenders who do not offer the most competitive mortgages.
Need the services of an experienced mortgage broker? If you are looking for a reliable mortgage broker in Abbotsford, Surrey, and Edmonton who can help you buy your dream home by securing a competitive mortgage deal, rely on none other than Sandhu & Sran Mortgages. For more details, give us a call today.