Making the decision to buys a house is a huge decision in a person’s life. Before you start looking for the perfect house, you need to find the perfect mortgage broker. Finding any mortgage broker is easy- you can just look online or in the yellow pages. Finding a great mortgage broker is a little tougher; some are not as good as others. So how do you find the broker that is right for you and your family’s home buying needs?
1. Contact your local Real Estate Boards for a listing of brokers in the area. Try for neighbourhood specific realtors: for example, if you’re looking for a house in Sherwood Park, Alberta then try to find a mortgage broker in Sherwood Park.
2. Call the recommended brokers from your list. When you call them make a checklist of items to ask them:
• Do they answer their calls and promptly call back?
• Do they have an up-to-date website?
• Are they educated? Do they know the business?
• Can they provide you with current mortgage interest rates?
• Do they have all of the most recent information on first time home buyer programs?
3. Look for a mortgage broker that focuses on relationships, not fees. If they are interested in building a relationship and are forthcoming and honest about fees and all aspects of the home-buying process, this will benefit you as a first time home buyer.
4. Don’t be afraid to set more than one meeting with several brokers to find your perfect match.
5. Remember: it’s your money on the line! You are the one who will be paying the mortgage and interest so be realistic and self-focused with your needs. The mortgage broker isn’t the one moving in!
Mortgage financing can seem like a scary path, but with the right mortgage broker, it can be a snap.
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