Top Five Things to Look for When Hiring a Mortgage Advisor
After narrowing down the search to find your dream home, your next step is hunting for the best mortgage to get those keys in your hand. While heading to your bank is one way to get a mortgage, hiring the services of a mortgage broker gets you not just a stress-free mortgage, but the best product and rate for your needs.
As experienced professionals, mortgage brokers understand that the mortgage process can be intimidating at first, and take the time to ensure you fully understand the financing process. Being licensed and regulated financial professionals, they act as middlemen between you and potential lenders or banks and shop for a product that suits your financial abilities that allows you to realize your dream of homeownership.
A broker does all the hard work for you. From gathering documents and pulling your credit history, to verifying your income and employment. They compile all the required information to help you get the best possible rate. Your broker will guide you through each step of the mortgage application process to ensure a smooth transaction and a successful outcome.
To help you find the right professional for your needs, here’s a list of the top five things to look for when hiring a mortgage advisor.
The mortgage broker you are considering should be willing to go out of their way to make sure that their clients understand what the mortgage process entails. This way, you’ll know what mortgage options are available to you and what their primary requirements are. You'll also know what specific documents you’ll need to provide to qualify. They should also be responsive and communicative.
You will be required to share the details of your work history, spending habits, creditworthiness, and specific income with your mortgage broker. While they are bound by laws of confidentiality concerning your personal information, it is critical to understand you will be going through very personal data with them. If you do not feel comfortable sharing your personal information with a broker as you doubt their integrity, it’s best you keep on searching.
You have to trust the person you're working with to educate you, protect your interests, advise you correctly, and handle your financial information with discretion. Every mortgage professional works on commission, and there are always benefits or drawbacks to specific choices for your broker as well. You have to trust them to put you first. However, don’t be afraid to ask them what’s in it for them. Don’t believe a broker who isn’t open and frank about costs and any questions you have about the mortgage process.
4. Great Work Ethic.
Deciding on what type of mortgage you would like to receive is a big decision. A professional mortgage broker won’t try to rush you as you contemplate your choices. You'll get all the time you need to decide what makes the most sense for you.
5. Results Driven.
The mortgage industry is an ever-changing field, so keeping up to date is critical if you want to obtain the best mortgage product. If you don't work with someone who is aware of these changes, you will not receive the best possible guidance regarding your various options. Find someone who is up to date, is always pushing to learn more and is focussed on helping you achieve your dream. The easiest way to do this is to rely on recommendations.
If you’re looking for professional mortgage brokers offering their mortgage services in Burlington, Hamilton, Brantford, ON, get in touch with The KH Mortgage Team. Whether you’re refinancing, a first-time home buyer, applying for a pre-approval or buying a second home, we value every single one of our clients equally and treat them with the same respect and professionalism. To learn more about our mortgage services, please click here. To contact us, please click here.