How to find a mortgage broker in Canada
Wondering how to find a Mortgage Broker in Canada? A mortgage broker is someone who helps you secure a loan when you are ready to buy a house. They are not the actual lender. Rather, they act as a middle-man between lenders and people who are looking to borrow. Mortgage brokers evaluate your options for getting a loan, help you through your application and work with you to put together a proper mortgage plan.
If you are on the lookout for a good mortgage broker, that means that you have finally found a house you want to buy. If you are living in Canada it is better that you hire a mortgage broker instead of going directly to the bank. Brokers can help you get cheaper rates and increase your chances of securing a loan, especially if your credit history isn’t that attractive.
So you know which house you want to buy and you are ready to make the investment but there is just one problem, you don’t know how to find a mortgage broker in Canada. Well, it’s time to put your worries away because here are the three things you can do to know exactly how to find a mortgage broker in Canada.
Get a Recommendation
If you want to know the best way to find a mortgage broker, this is it. Ask for your friends, family or colleagues for a recommendation on a broker. Talk to your neighbors or other homeowners. These people can give you the best advice on how to find a mortgage broker in Canada because they themselves have been in your situation. You can always tell the worth of a good mortgage broker through the feedback of their clients.
Your local real estate agent could also give you advice about where to look for brokers in Canada. Since real estate agents are in the same industry, they will most likely lead you to reliable contacts.
Look Them Up Online
If friends and family don’t offer you any leads on how to find a mortgage broker in Canada, your next best bet is the internet. Most brokers or brokerage companies maintain an online profile so you can easily find one located near you.
These online profiles could also contain ratings or comments from customers to go through when scanning for potential mortgage brokers. If their client list is available, then be sure to examine that as well.
Don’t Believe In Advertising
People who don’t know how to find a mortgage broker in Canada have a higher chance of falling into this trap. Just because a broker appears on a giant billboard or markets amazingly low rates, does not mean that they are reliable. You will come across brokers like these, so be on the lookout. Check out market rates by yourself to get an idea about the current situation. Never believe in advertisements that come in through emails, flyers or commercials.
If you do come across a broker who you feel is the right one, double check their license. In Ontario, all brokers are licensed through Financial Services Commission of Ontario (FSCO). Find out the associations for broker licensing in your province and make sure that your broker is registered there.
After going through these three tips, you can safely say that you know how to find a mortgage broker in Canada. With some luck and the right mortgage broker, you will get your dream house in no time.