5 Qualities Your Mortgage Provider MUST Have
Mortgage providers play a crucial role in getting the lowers mortgage interest rate and terms in the market. You want to work with someone who will offers competitive rates, good service, and support with this journey. It is important to keep these things in mind while choosing a mortgage provider to optimize for the best results:
1) A provider that prioritizes your needs first
This includes trying to get the lowest rate possible for your mortgage rate, and finding applicable discounts through their connections. Another thing your mortgage provider must consider is the banks you are interested in, and negotiating to find the best deal for you from those lenders. They might have some personal lenders that can provide good rates, however, a good mortgage provider will get you the best rates for the lender of your choice.
2) A provider who has quick and transparent communication
As someone who will be handling your financial future, it is important to maintain good communication with each other. This could include updates and information that they were not able to find. Good communication builds trust and enforces the relationship with your provider to be stronger. This could result in the provider working harder to get the best rates possible. Furthermore, your agent should help with making you understand the credit report and give advice that could improve your score and/or increase the chances of getting the right loan with enough money left for other personal goals.
3) A provider who has established a good rapport in the industry and have professional references.
To test credibility and see if this mortgage provider meets your needs, a good thing to ask if for references for past clients. This would provide a clear picture of how your experience will be with the provider. A good question to ask the reference is if they would do business with them again. If you are not satisfied with the answers, then try again with another broker. We would recommend to at least talk to three different mortgage providers to find one that best suits you.
4) A provider who has connections and access to a variety of lenders
Your mortgage broker should have access to a variety of lenders. They should also be able to get exclusive offers and discounts at some places. They could reduce loan fees or even offer a lower interest rate due to their experiences. We would advise you to steer away from a provider who is not able to explain why they cannot work with a lender of your choice.
5) A provider that is qualified and has the right credentials
All mortgage providers in Ontario are required to undergo a course, and then get their license from the Financial Services Commission of Ontario (FSCO) Another credential to look for is to see if they are a member of the Canadian Association of Accredited Mortgage Professionals, which is the national industry association for mortgage professionals. A way to check if they are a qualified is to see if they are available on FSCO’s directory of mortgage providers.
While there are many things to look for to get that perfect mortgage broker, we suggest you keep these things in mind. Asking your friends or family for referrals is also a good idea. However, we suggest at least going through and talking to three different mortgage providers until you find one you are comfortable the most.
If you would like to connect to a top rated mortgage provider in the GTA, then send ReVa a message.