Choosing a Mortgage Broker.docx (2)

May 30, 2018 | Publisher: askross554 | Category: Other |   | Views: 7 | Likes: 1

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Choosing a Mortgage Broker Many Canadians are opting for mortgage brokers over traditional banking systems to help themselves in securing a home. Also known as "mortgage advisers," a mortgage broker acts between the home buyer and the institution that they are lending from. Because of their specialized knowledge in the real estate world, they are a valuable asset to have on your side as you begun the grand undertaking that is first-time home ownership. What is a Mortgage Broker? Essentially, a Toronto mortgage broker acts as the middle-man between the lender and the debtor (the person applying for a mortgage). These individuals have a fine-tuned arsenal of knowledge where the real estate business is concerned, as well as access to an array of lenders that could help a prospective home buyer on their journey. Shopping around for a lender is a serious undertaking all on its own, one that requires a significant portion of your time. But when you recruit the help of a mortgage broker, they can put in this kind of footwork for you so that you can focus on other aspects of your home ownership quest. Not only can a mortgage broker access these lenders at greater ease than the rest of us, but they can find the best exclusive deals and even negotiate with these lenders on your behalf. Because mortgage brokers are so well-connected to so many arms of the industry, they can factor in elements that banks can't or won't. Individual issues such as a poor credit rating, for example, can be taken into consideration as the mortgage broker seeks out the best rates for the person that has hired them. In addition to all of these things, a mortgage broker serves one other extremely valuable purpose: signing the paperwork. Banks don't allow for this, but a mortgage broker has a greater understanding of the terms and conditions located within the documentation for your new mortgage. When you save time, you save money as well. This is why so many people opt for mortgage brokers over traditional banks. What to Look for When Choosing a Mortgage Broker A mortgage broker is a valuable asset, for sure, but they're not all cut from the same cloth. Because your mortgage is a significant investment toward your future and its stability, you want to ensure that the person working for you knows what they are doing and has the kind of connections that you'd expect. When meeting with a prospective broker for the first time, ask: What are your credentials? How long have you been in the industry? Have you progressed/moved up in the industry? (You're looking for a "yes" answer, as this shows that they are good at what they do) Have you taken any additional classes to enhance your existing knowledge? Can you provide in-depth knowledge of the industry, in layman's terms that can be well understood? Who are your lenders? Are they reputable? Keep your mind focused on all of these things as you interview with prospective lenders. As you meet them, consider their professionalism and manner. Are they tolerable to work with, or too abrasive? Do you feel comfortable asking them questions? Considering what a massive investment of time and money a mortgage is, it's important that you find the best mortgage broker for your situation. Don't settle for the first one to come along. Choose one that wows you, that blows you away and makes you feel confident in their skills and knowledge. Ross Taylor & Associates 5050 Dufferin Street, Suite #213 North York ON M3H 5T5 (416)989-1000

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