Tips for working with a mortgage broker


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With professionally trained mortgage brokers on hand, they are there to help you with any financial advice you require. Visit them today! The Mortgage Emporium Corporation 1400 Bayly St Pickering, ON L1W 3R2‎‎ (416) 833-5750.

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Tips for working with a mortgage broker

  1. 1. If you are in the market for a new house or piece ofproperty, it’s common practice to visit a financialinstitution or other lender to secure financing for yourpurchase.Of course, anyone who has worked with a big financialinstitution knows there are limitations and cons to lettingthem handle the situation. Some people prefer toforego the conventional route and use a mortgagebroker instead.
  2. 2. A mortgage broker is a licensed professional that hasbeen independently trained to provide advice andguidance to clients seeking a mortgage.Mortgage brokers don’t typicallywork for a bank or other lendinginstitution, but are loyal to theclient first.
  3. 3. The primary duty of a mortgage broker is to match upborrowers and lenders to find the mortgage that best fitsthe borrowers needs.A mortgage broker is usually affiliated with severaldifferent lenders, so they basically ‘shop around’ yourrequest until they find the best deal. A mortgage brokeralso provides advice to clients, and helps them map puta plan that will get them the mortgage they want.
  4. 4. Access to a variety of lenders is probably the main benefit ofworking with a mortgage broker. Since a broker has accessto several, you have a higher chance of getting the best deal.Also, since a mortgage broker doesn’t work directly for abank, they can typically offer a wider variety of products andaren’t limited in their approach.Mortgage brokers are on top of all the latest trends andinformation to get you the best deals possible.
  5. 5. One of the top tips for working with a mortgage broker isto be open and honest about what you want, and yoursituation. Trying to hold back some negativeinformation about your history or finances will only endup hurting you in the end.Not being specific about exactly what you want won’thelp you, either. The only way to get exactly what youwant is to explain exactly what you want.
  6. 6. It’s always a good idea to ask a lot of question whenworking with any independent contractor. Askquestions like: How long have you been in business? How many real estate agents do you work with? How many lenders do you work with? Do you have reviews or testimonials I can read? Do you help with my overall financial situation?
  7. 7. Sometimes, certain mortgage brokers have troublekeeping potential homeowners updated about theprocess and the state of the situation. Combat this byworking out an agreement on the frequency and type ofcommunication you’ll share with the broker.If you have a formal communication agreement, she’llbe more likely to stick to it and keep you informed aboutwhat’s going on.
  8. 8. If you feel like a mortgage brokerwould be a good fit, you can findone by: Asking for referrals from friends andfamily, or professionals in the industry. Search online for brokers with positivereviews and testimonials. Asking questions about specific referralsto find out what it is that makes them agood choice for you.
  9. 9. Mortgage Emporium Real Estate