Applying for a mortgage is probably the biggest financial decision you will ever make. At times it can be intimidating and confusing. Choosing a mortgage agent means you’ll be met with a personal approach and you’ll learn something from the process. The right agent will find you the best rate based on your unique financial situation so you won’t fall behind on your payments and end up living with unnecessary stress. But how do you go about finding the right agent? Start with some online research and when you find someone you think you’d like to work with, schedule a meeting! A mortgage agent is supposed to make the home ownership process easier and more enjoyable for you! Today on the blog I’ve gone over some important things to consider when choosing a mortgage agent.
1. Working Relationship
When you interview with a mortgage agent, you should be considering your working relationship. A mortgage agent is going to be in your life for a long time, following up after the sale of your house closes, assisting you with your mortgage renewal and possibly even helping you with a second mortgage in the future. Make sure you can see yourself establishing a good working relationship with your broker. Strong communication is vital throughout the buying process and you are responsible for keeping your broker in the loop at all times. This includes informing them about new or changing expenses such as the purchase of a new car, heading out on an expensive vacation or even changing jobs. These are the types of expenses that can affect on your loan and should be discussed with you mortgage broker in advance. So make sure your mortgage agent is approachable. If you go to meet a potential broker who fails to elaborate on the questions you ask, speaks using confusing terms, or is just someone you find intimidating, keep in mind that the loan process gets exponentially more complicated after your broker meet-and-greet. When meeting with potential mortgage agents first impressions go a long way.
2. Proper Licensing
In Ontario there are multiple levels of licensing and certifications for mortgage agents and brokers regulated by the Financial Service Commission of Ontario. Make sure before you start a loan application that you are dealing with someone who has the proper credentials. As a fully licensed member of Real Mortgage Associates, I have an in-depth knowledge of the mortgage industry and years of mortgage experience.
Your mortgage broker should be the first person you get in touch with when you are thinking about purchasing property. Going house hunting before you have set yourself up with a good mortgage agent is truly putting the cart before the horse. But eventually you’ll be bringing more players onto your home-buying team. This includes a real estate agent and possibly a lawyer if you choose. Knowing that your mortgage agent is easily accessible to you and your other team members can provide you a lot of piece of mind. You don’t want to end up playing email or telephone tag with an broker that is dodging your calls or is unreliable with their correspondence. Choosing an agent that is local can also be helpful. It makes it easier to meet up and keep each other updated. It’s also a good idea to make sure that the mortgage agent you choose has room in their schedule to help you.
When it comes time to choose a mortgage agent be sure to do some research and come prepared with some questions. Make sure your broker is knowledgeable because you want to learn something from this process, remember? You can also feel free to ask for some references. As is true in any profession, working with someone who has a proven record of success will be reassuring and less complicated. You’ll want your agent to be approachable so that you can be comfortable working with them long term. Ensure that they have the proper licensing before you get too deep into the loan application process. Make sure that your broker has a schedule flexible enough to accomodate your time.
The very last thing that you should consider when choosing a mortgage agent is to consider me! Give me a call today and we can discuss all of your options.