While many consumers are not mortgage experts, it does not mean all mortgage experts are the best. So what can you do to avoid getting a professional who isn’t going to give you bad advice or handle one of your biggest purchases poorly? By asking the right questions that will give you the best information! Here are some questions to consider asking your potential mortgage agent next time:
What types of mortgages do you have experience handling?
Not everyone has experience handling all types of mortgages or clients who have different ways to earn income. With this inexperience in those particular areas, they may not be able to give you the best rate or even get you approved. That is the last thing you want to risk with something as big as your finances!
How many lenders do you work with?
There is no set rule on whether a broker should have hundreds of lenders or one. However, there is a bit of a rule of thumb that maybe having a broker who gives deals to one favourite lender is not the best idea. This is because it eliminates comparison shopping and no guarantee that you are getting the lowest rate. Having a broker with a handful of great lenders will give you the opportunity to get the best rate and compare.
What’s the process I can expect when working with you?
Although you should avoid doing things at the last minute, make sure you find a broker that will be able to get you approved and close your mortgage on time if you have tight deadlines.
How do you get compensated?
While you may think that your broker getting compensated sounds like no big deal, a small handful of bad seeds might gear you towards a certain lender so that they could build status or earn a bigger profit.
Make sure you pick off the bad seeds and find a great mortgage company whether that is us (*wink wink*) or another! Your finances are something that should not be taken lightly and making sure that the mortgage broker you choose takes your full best interest into account.