Although there are a lot of things to consider when buying a home, choosing a mortgage happens to be one of the most important. Much like finding that perfect property, picking a mortgage agent that’s right for you is also essential. Here’s why.
Not All Mortgage Agents Are Created Equal
If you’ve found your dream home, are currently searching, or simply thinking about taking the plunge into homeownership, consulting a mortgage agent would be your next course of action. Unfortunately, the right mortgage agent isn’t always easy to find.
In London, Ontario alone, there are hundreds of mortgages agents ready and willing to accept your business, but that doesn’t mean you make a deal with the first one that comes knocking.
Here are 3 important specifications to consider before signing on the dotted line.
1. Track Record
Not only should you look for a reputable agent, you should also consider their past dealings in your decision making process. Try looking up local reviews online, or speaking to past clients before you even begin your professional working relationship.
You may also want to analyse their past relationships with lenders. Are they unable to work with certain lenders? If so, why? This could give you a glimpse into how this person conducts business, and if they are really able to get you the best possible mortgage. London is a big city, but word travels fast, and you don’t want to rely on an individual with too many burned bridges.
Remember, mortgage agents are required to possess various qualifications before they begin taking clients. For instance, if your mortgage agent is a AMA (Canadian Association of Accredited Mortgage Professionals) member, this means they have completed specialized training and adhere to a strict ethical code of conduct. Certainly, most clients would prefer to work with someone who is properly trained, reliable, and accountable, so do some research ahead of time and confirm the accreditations.
2. Personable and Professional
You don’t have to be best friends with your mortgage agent, but you should at least have a good rapport. Your agent should be easy to talk to, friendly and punctual. If you want to work with your agent, chances are lenders do too, and you definitely want him to get along with lenders.
Negotiation is an art that not everyone can master. It’s your mortgage agents job to carefully finesse lenders without coming across as hostile and pushy. Trust me, building relationships with lenders takes time, especially in a community as large as London, Ontario. In reality, a mortgage agent has much more time to cultivate these mutually beneficial relationships, so if you’re busy, it’s always a good idea to outsource the workload.
3. Trustworthy
When it comes to financials, confidentiality is key. A mortgage agent should be respectful and careful with your private information, no questions asked. Talking finance isn’t everyone’s idea of fun, and your agent should know that. Regardless of the situation or environment, when it comes to your personal information, your mortgage agent should act professional.
Just think, you may have to come to your agent for assistance with a serious crisis situation (i.e. a foreclosure), and you want to feel comfortable doing so without hesitation. When it comes to your home, you deserve a mortgage agent who understands your unique situation, and fights to ensure you receive the best possible outcome.
It’s Worth It
Deciding to use a mortgage agent can be difficult. But once you find the right agent, the choice is easy. Do your research, don’t rush into things, and trust your gut. A home is a large investment that’s usually made for the long haul, and an accredited, reliable and professional agent can make all the difference.
To find out how I can help you find the best mortgage possible, visit here.