If you want the best mortgage for you but don't know where to start, a mortgage broker can do the shopping for you. There's no eHarmony around to connect mortgage brokers with clients so be prepared to do some footwork, and when you do, do it like a locavore!
Look locally for a potential mortgage broker not because it's eco-conscious and sustainable - and if you listen to this episode of the Freakanomics radio show, it might quash your thoughts on eating local in the first place - I say it because it's something best done in person, with someone who can hold eye contact. Telecommunication makes it very possible and easy to connect with a mortgage broker, but I see buying a house like buying a piece of fine art; you probably wouldn't put down any money without seeing the piece with your own eyes, exploring it up close and talking to the artist or gallerist in person.
A local mortage broker can connect you with a familiar lending instutution - maybe one you already work with - plus they'll be familiar with the market conditions and legislation in your area. That's a huge plus for first time homeowners who are eligible for government programs. It'll also save buyers from biting off more than they can handle in the long term.
To find a local mortgage broker, start by reaching out to people in your community of friends, family and known realtors. They can probably suggest mortgage brokers with a good reputation and track record. Or, if you're moving to a new town, start with the area board of realtors. As a real estate agent, I know the value of word of mouth testamonials because a) it's a mostly localized industry and b) it's a big and very personal decision where clients need and value the advice of their peers and family.
If you want my recommendation for a mortgage broker in the Halton-Peel area, go to Bryan Guertin. You can find him at:
Speaking of Bryan, here are his best rates for this week:
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