Getting financing approval from a mortgage broker can be one of the biggest roadblocks a first-time home buyer has to go through to become a home owner. It's not always easy to find the right mortgage broker; a mortgage broker that is trustworthy, ethical, and is willing to work towards your best interest.
To help you in your search to find your preferred mortgage broker we have 5 questions that you should always ask your mortgage broker.
1. How long have you been in the business? (Ideally, at least two to five years)
2. How many lenders does your team have “top-tier status” with? (Preferably six to seven or more)
3. Is the rate you’re quoting me the lowest rate for that term on that lender’s broker rate sheet? (If not, why not?)
4. How much volume did your team do last year? (Ideally $100-million-plus)
5. Do you do over 50 per cent of your business with one lender? (If so, why?)
If you have more questions about mortgage brokers or acquiring financing to purchase a home, please contact us today. We can refer you to one of our preferred, highly experienced mortgage brokers that will help you along with the process.