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Mortgage Basics: 6 Tips on How to Choose a Broker

1 May 2020 No Comment

A good mortgage broker can save you time and money will greatly reduce the stress of buying a home.

Not all mortgage brokers are created equal, so it’s important to choose one who is not only good at their job but also a great fit for you and your situation. While choosing the perfect mortgage broker may seem like an impossible task, there are a few tips you can use to make the process easier.

If you’ve been wondering how to choose a broker, here are 6 tips to get you started.

1. Get a Recommendation

The first step in wading through all of the finance brokers is to ask friends, family, co-workers, etc. for a referral or recommendation. If you know anyone who has recently worked with a great broker, they can refer you to them and save you a lot of legwork. This is one way to find a great broker with the backing of a trusted family member or acquaintance.

2. Do Your Research

Most, if not all, home loan brokers have some form of online presence, which makes it easy for you to do your research. Look at websites, online reviews, and any other information you can find to gather a list of potential brokers you are interested in working with.

3. Look for the Three C’s

The best mortgage broker will have the three C’s covered: communication, courtesy, and clarity. Home buying can be an overwhelming and complicated process so you need everyone on your team to be able to communicate with a level of clarity and courtesy, especially during confusing or frustrating times. Look for indicators that any brokers you are considering have the three C’s.

4. Conduct Interviews

When you have a shortlist of financial advisor mortgage brokers, consider conducting brief interviews before you make your decision. Ask all of the questions you have and notice how clear and friendly the communication is. You can do a lot of research online but speaking to someone directly will give you a better feel for their working style.

5. Ask for References

Asking for references is a great way to gauge a broker’s personality and level of service. It’s also a great way to find out if someone is a great fit. References are first-hand accounts of how it is to work with someone. They’ll give you an idea of the broker’s working style and how they prioritize their client’s satisfaction.

6. Look for Experience

An experienced broker will have handled a variety of situations and have a lot of tricks they can use to make the process easier for you. They will also have connections in the industry that can result in a smoother experience for everyone involved. When choosing a broker, consider their experience as this could be the difference between a great or a not-so-great home buying process.

How to Choose a Broker: The Bottom Line

By implementing these tips for how to choose a broker, you’ll be on your way to finding a reliable and hard-working broker that is a perfect fit.

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