Just about all of home buyers get their loans through a mortgage broker, a professional who is in the business of compiling and filtering though the sea that is the mortgage lending industry and giving the absolute best options to you. A mortgages office acts as your advocate to shop for the best loan terms and rates based on your personal and unique financial goals. Most Canadian provinces issue strict guidelines for mortgage brokers and brokers must be licensed under law.
How does a mortgage broker help you?
- A good Mortgage Broker will help you find the best home loan by:
- Discussing your personal financial goals and situation
- Find borrowing arrangements and options out there for you
- Working along with you to get pre-approved to secure a mortgage after you weigh all your mortgage options and what kind of loan you want.
- helping you complete the loan application, confirming employment, wages, financial information, credit report and other documentation you may need
Once you are approved a mortgage broker will study the loan papers before you sign them, co-ordinate the real estate appraisal and be your liaison with the lender up and through the closing.
How they get paid
It is simple enough. A mortgage broker BC is paid not by you, but by the lenders who the broker brokers the loan to. As a middleman the broker charges a commission fee to the lender that then pays them upon completion of the loan.
How to find a good mortgage broker
Start by getting recommendations from your real estate agent, friends and co-workers and other home owners. Look for someone that has the necessary skills at explaining the elaborate process that is buying a home and knowledgeable about dealing with buyers of your type/ Check out their website and do you research and find out what they are all about.
When you have a couple of prospects, ask them about their certifications, how many loans they have brokered plus any difficulties your situation might present. Also look at the websites for references and testimonials, like I said do your research, and follow up with them if you can. Once you are satisfied contact the broker and set up an appointment to see what they can do for you.