Securing a mortgage is the hardest part of buying a new home, though this process is made simpler and smoother when you have an expert mortgage broker by your side. But while you can find plenty of advice on what to look out for when shopping for a home, there’s far less advice on what to look for and what to avoid when you’re searching for a mortgage broker. What should you look for in a Red Deer mortgage broker?  

Professionalism  

Professionalism can take two forms, and you want both when you’re looking for a Red Deer mortgage broker. The first is a professional demeanor. If someone is too informal or sloppy, they probably aren’t going to perform due diligence when it comes to legal paperwork or detailed research you need. The second is that you want someone who is a full time professional mortgage broker. You could utilize a part time real estate agent when shopping for a home, but their opinion on a home is backed by a third party professional like a home inspector. When you’re shopping for a mortgage broker, your main fallback is asking your bank what they’d offer. It is much more difficult to find third party professional advice regarding your options for a mortgage unless you ask yet another mortgage broker. The solution is to only work with professional mortgage brokers who work full time in the industry.  

Nor do you want to work with someone who is a mortgage broker plus some other service. For example, you shouldn’t work with a mortgage broker who moonlights as a real estate agent or home inspector. And it is a conflict of interest to work with one office that supposedly closes on the home and the mortgage or inspects the property and finances it.  

Note that energy and enthusiasm doesn’t mean that someone is qualified to do the work, so verify that they have experience and the right expertise regardless of how professional they appear to be.  

Experience  

If you’re shopping for a home, it is a mistake to use someone new to the industry. They don’t know all of the ins and outs of the industry. Their mistakes due to inexperience are literally at your expense. The same is true for any profession. However, when you’re looking for a mortgage broker, those mistakes come with extra zeroes on the end. Don’t use a mortgage broker who is brand new unless they’re being supervised by a more experienced professional. Another variation of this advice is not to use mortgage brokers that just opened up. The odds are that they don’t know what they’re doing or re-opened under a new name because they weren’t doing things right.  

Multiple Lenders  

A mortgage broker should work with multiple lenders. A mortgage broker who funnels nearly all of their loans to the same company is really a salesperson for that financial services company. You could get the same service from your current bank. Instead, find out how many lenders the mortgage broker works with. Take the time to look up the firms they say they work with, since some unscrupulous lenders will direct customers to over-priced and barely legal lenders.  

The Right Atmosphere  

A mortgage broker’s office should have the right atmosphere. First of all, it should be no pressure. Anyone pressuring you to close on a mortgage deal or sign a contract to work with them is worse than a used car salesman, since the literal price you’d pay is so much greater with a house than a car. Second, the staff themselves shouldn’t seem to be under pressure. If they’re over-worked, they’re prone to make mistakes or skip key steps in the effort to just close the deal.  

 Contact Jodi Whalen with Whalen Mortgages for Expert Mortgage advice you can trust.