Buying a home is one of the most important decisions that an adult will ever make in life. Part of the decision making process will be how to pay for the home of your dreams and fit it within a budget that you can easily manage. For most, this involves financing, which inevitably means that you will be dealing with a mortgage broker. While it might seem that the decision is made easy for you, as you simply want to get the lowest possible rates and fees, the truth is that not all brokers are created equal. Consider the following questions that you will want to answer for yourself before deciding who to trust with such a significant investment.
How Easy is the Application Process?
Technology has evolved in this area to the point that you should not feel you are left in the dark as you apply for a mortgage. In the past, all of this was done on paper and the information could be a bit overwhelming for even the most savvy of home buyers. A mortgage broker Quebec today, however, should be able to offer you a streamlined application process that is conveniently accessible online. In fact, the ambiguity that traditionally has resolved around the mortgage broker professor is beginning to be a thing of the past. That being said, not every broker in the business today employs the same technology so this is where you will want to do your homework.
Begin by trying to discover the average time it takes a particular broker to close. While there are certain variables that might delay closing, the average time has considerably decreased in recent years. It is important to look for a broker that is not still mired down in policies of old. You will also want to look into any third party fees and lender expenses that will be charged. As these can vary widely from broker to broker, consider developing a spreadsheet that will also you to compare these expenses in a side by side fashion. Don’t forget to also consider the type of documents that will be needed during the application process and the deadlines that your broker will established for you to get them submitted.
What Level of Experience Does the Broker Have?
In this business, experience does matter. Buying a home is likely to be the biggest financial purchase of your life, so you do not want to entrust the process to just anyone. You want to select a broker that is accessible to you and will reply to any questions or concerns that you might have in a prompt and courteous manner. It is also helpful to select a mortgage broker that has a complete support team behind him or her. This will help give you the peace of mind you need to know that your application is being handled expertly and in a timely manner.
As you consider experience, you also want to find out long the broker has been in business. If you do not have any friends or colleagues that have used them in the past, do not be afraid to ask for references. They should also be willing to chat with you online or via the telephone when you need to contact them. Make sure that the answers you get are straight forward and easy enough for you to understand. If not, this might be an indication that you should look elsewhere.
What are the Rates?
Now, the last question is perhaps the most important. Not to negate all of the other questions you should ask yourself, the rate is an indicator of how much you will be paying for this loan. Assuming that you have asked yourself other pertinent questions related to this process, you will likely narrow it down to a few brokers. This is when you should begin comparing rates. Keep in mind that your credit rating, term of the loan, and the amount of your down payment will factor into this.
These are just a few of the questions that, when answered, will help you find the best mortgage broker in Canada for your situation. Take your time and approach the process with the seriousness that it deserves. In the end, you will arrive at the home of your dreams and be comfortable with the payments.
