Are you in the market for a new home? How exciting! Whether you are moving across the country or moving a couple of blocks away, it is still a lot of work and something that should not be taken lightly. In that process, you are going to be looking for a mortgage broker. Just like a new home, this is something that should be carefully thought up.
Some of the things that could go wrong when you don’t take the looking for a new mortgage broker seriously is that you end up having a mortgage that is more than you originally thought, you have a broker that doesn’t call you back when you need them, one that is not understanding, and one that even lies to you. It’s important to take looking for a Vancouver mortgage broker seriously so that you can be happy with the result. Keep reading as we explain exactly how to find this person.
How long have they been in business?
The first question that you want to ask or find online on their website is how long they have been in business. Although you shouldn’t be opposed to working with a mortgage broker that has not been in business for a long time, you also want to ensure they will be reliable years from now. If they go out of business what happens to you? This is why it’s important that you work with a mortgage broker that will be around the entire 30 years of your mortgage. They are reliable and will pick up. What happens if that person retires? What happens or who takes over your mortgage? These are all questions that may feel a little bit uncomfortable to ask and bring up but they are important so that you understand working with that specific mortgage broker and feel comfortable with the financial decision that you are getting into.
What do past clients say about them?
One of the best ways to find out how a mortgage broker is going to be is to learn about how they have been to past clients. You can do this two ways. The first is to read reviews about them online in order to learn. The second is to ask. When you are reading online, you can look at their Facebook page if they have one, check out their company on Google, and finally see if they have any reviews on Yelp. You can also ask them for referrals which will allow you to speak with that person on the phone and learn what they liked about working with that person and what they didn’t like working with that person.
Is he being honest?
Are they being honest? This is so important. You can partly learn this by speaking with past clients but you also can learn this by reading the fine print and asking them straight out. Many times, if you don’t ask some questions then they will not disclose the answers. However, if you ask direct questions then they will answer them honestly. That is why it’s a good idea to ask as many questions as you like in order to find out all of the information you want to and ensure they are being honest.
Find out all of the details
The next step is to find out all of the details. Not only about the mortgage broker and who you will be working with but the details of the mortgage too. How much will they be able to loan you? Will they be able to loan you money, to begin with? Will there be any factors associated with that loan? What will you owe every single month? Will there be any reason this will change? If so, what are those reasons? These are all things that are important to realize and think about before you accept working with a specific mortgage broker.
Where are they located?
It’s always nice to work with someone that you can sit down in person and speak with. That is one of the reasons why it’s a good idea to work with a Vancouver mortgage broker that works somewhat close to where you are. If you have questions or concerns along the way, you don’t want to drive 3 hours just for a meeting. Of course, you can always pick up the phone, but it’s nice to be able to work with someone within the Vancouver area if that is where you are looking to purchase.
What happens if…?
The final step is to find out the worst-case scenarios and what will happen from the mortgage brokers’ perspective. Of course, you never want to think about it, but it’s very important to note and something that is a good idea to learn about. You never want to be in the situation of “no, you said this!” or “I never thought you would do that though”. The important thing is to have everything out in the open and to be honest with each other. That is what will cause the working relationship to run smoothly.
As you can see, there are a lot of questions that you should be asking the mortgage broker in order to find one that will work for you and your specific needs. By doing this, you will end up with one that you are a lot happier with and one that you feel comfortable to purchase a home utilizing. That person should be a cheerleader for you and should make you very happy you chose to work with them. We hope that you found this list helpful and you are on your way to working with a great mortgage broker.