Why you might want a broker in the first place
Getting a mortgage broker is similar in some ways to getting a financial advisor. You'll need one if you don't have the expertise to choose the best loan terms for your home purchase. Mortgage brokers work on commission, so you'll want to do research to find a broker who will work in your best interests.
In this article, we'll go over what to look for in a trusted Alberta mortgage broker.
Transparency from day one
The mortgage industry is rife with brokers who offer little service after the sale. If a broker isn't prepared to assist you from day one and offer advice and support throughout the lending process, you should consider hiring someone else.
Experience that shows
Just as the quality of service you receive is important, so is the experience level of your mortgage broker. You should avoid working with someone who's a newbie to the process and has limited experience. Find an expert who's been in the business for years and who has a good reputation.
Rates (but not just rates)
Rates are obviously important when it comes to purchasing a home. Your mortgage broker should be able to help you find a lender who has a low rate. However, make sure you're getting the most bang for your buck by checking multiple brokers and comparing what they offer.
Customer service that respects your time
One of the reasons you're hiring a mortgage broker is to avoid the hassle of going to each lender for a rate quote. As a result, you don't want to hire a broker who disregards your concerns and forces you to work with a certain lender.
Availability when you need it
Your mortgage broker should be available when you need them. Be sure you know your mortgage broker's schedule upfront so you won't have to wait on them to get back to you with the information you need.
A referral from someone you trust
When it comes to finding a good mortgage broker, the word of mouth from someone you know can often be the best recommendation. While a mortgage broker may have the highest ratings and best reputation in the industry, if a friend or family member has been burned by that person in the past, you might want to consider hiring someone else.
No surprises on fees
Your mortgage broker should offer you an estimate of what it will cost to do business with them upfront so there won't be any surprises later on.
Timely responses
You should be able to reach your mortgage broker with little difficulty when you need to. When you call or email your mortgage broker, you should receive a timely response.
A track record you can verify
Your mortgage broker should have a long and established history in the industry without any serious complaints against them.
Works with lenders who'll actually approve you
Most mortgage brokers don't work with every lender, which means your broker might not be able to help you if you don't have enough homebuying experience. Before hiring a mortgage broker, make sure they work with the lender you're interested in using.
Ready to find your fit?
I'm an Edmonton mortgage broker licensed to serve all of Alberta that can help you find your dream home, at the best price. Get in touch with me today to see how I can help!
Creating happy homeowners by providing personal bespoke mortgages solutions with uncompromising service.
Matt Broom-Hall Mortgage Broker & Happiness Creator Hello Mortgage Team [sayhello@hellomortgage.ca](mailto:sayhello@hellomortgage.ca)
Providing Mortgage Broker Services In Edmonton, Sherwood Park, Fort Saskatchewan, Leduc, Nisku, Stony Plain, Spruce Grove, Beaumont, and St. Albert.
Also Serving: All areas of Alberta including Calgary, Lethbridge, Red Deer, Medicine Hat, Wood Buffalo / Fort McMurray, Grande Prairie, Airdrie, Lloydminster, Okotoks, Cochrane, Camrose, Chestermere, Sylvan Lake, Brooks, Strathmore, High River, Wetaskiwin, Lacombe, Canmore, Morinville, Whitecourt, Hinton, Olds, Blackfalds, Taber, Coaldale, Edson, Banff, Grand Centre, Innisfail, Ponoka, Drayton Valley, Cold Lake, Devon, Drumheller, Rocky Mountain House, Slave Lake, Wainwright, Stettler, St. Paul, Vegreville, Didsbury, Bonnyville, Westlock, Barrhead.
