Interested in buying a property, but you do not know where to start? A mortgage broker is the best solution in this case, because he can become your personal shopper, redirecting you to the lender that offers the best Canadian mortgage rates.
A mortgage broker is an intermediary between an individual or company selling a mortgage and an individual or company buying the mortgage. If the potential buyer agrees to purchase the mortgage, the broker acts as a liaison and is typically paid by the lender for his services.
To become a broker in Canada, first you need to have a proper education and get your mortgage agent license. Therefore, people searching for a broker should look for authorized agents only. This is an important requirement that guarantees the professionalism of the broker.
To see if a particular broker is indeed licensed, just check with your local regulator for mortgage brokers. Also, ask friends or acquaintances for references. When you finally manage to settle on two or three brokers, verify if they charge you to intermediate the transaction or if they would be paid only by the lender.
Another thing that has to be verified before signing the agreement with a certain broker is represented by the types of lending institutions the broker works with. In other words, you need to verify more than just the broker that will intermediate your transaction, but also the lender.
Pay attention to the situation when the lender is an individual. Generally, mortgage brokers work with banks and financial institutions, but some brokers work with individuals, as well. If those individuals are not very well known or do not seem reliable, do not purchase a mortgage from them.
Then, ask the broker about the mortgage loan that best suits you. Brokers needs to be very well informed on everything that happens in this industry and be able to provide you with the best Canadian mortgage rates, to match your budget.
Also, check if the broker is willing to give you a special deal, since you are a new customer, or, on the contrary, a loyal customer that has contacted him many times before. To attract new clients and preserve the loyalty of the existing ones, brokers use all sorts of tricks like charging low fees or offering various gifts.
Finally, look at the professionalism of the brokers you have selected so far. This can be verified only if you meet with the brokers in person. See if they have a clear judgment, are sociable and present the features of a salesman. Also, evaluate your own feelings regarding the brokers, and rely on your intuition.
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