In a city with some of the highest real estate prices in Canada, picking a mortgage broker in Vancouver can help secure the financing you need to purchase a new property or get a home loan. A mortgage broker helps make your financial dealing smoother and easier as they act as a middleman between borrowers and lenders. The broker’s role is more than that of a bank employee that gathers information and processes the paperwork needed to assess the financial capacity of the borrower. A broker will help get the amount, value, and the ideal loan for a borrower with lender credit approval, and work to get financial institutions competing for your business.
To find the right mortgage broker for your needs, here are several things you should consider.
1. Recommendations
Asking friends and family is often the first and most convenient way to get recommendations pertaining to mortgage brokers. You can choose to ask your immediate network or your closest circle if they have previously worked with a good mortgage broker. The good thing about asking your immediate circle is having the confidence that they won’t recommend someone they had a bad experience with.
2. Research
Going online to do a Google search on the Internet for mortgage brokers in your area is often the next step. You can even search YouTube and watch videos to find more information about local mortgage brokers. Social media sites like Facebook and Twitter are also a great source of information but be sure to look further into any extremely negative views by addressing them directly with the broker. There are always two sides to every story.
3. Credibility
One of the most important aspects of your decision process has to be the credibility and reliability of a particular mortgage broker. Before doing business with them, make sure to consider and look for:
- Permits or Licenses. In British Columbia, individuals and companies that engage in mortgage broker activities must be registered with the Registrar of the Financial Institutions Commission (FICOM) of British Columbia.
- Online Presence. A broker’s online presence is crucial in determining their credibility and trustworthiness. It will help you decide whether or not they are transparent or visible and readily accessible. Checking their website, blogs and social media accounts will give you a lot of insight.
- Community Involvement. Another valuable way to determine credibility is to assess not just online presence but even their offline presence. Knowing that they are an active supporter of groups within the community says much about their character and reliability.
- Awards. Industry awards can help you determine a mortgage broker’s legitimacy, as well as help determine the level of service they provide. Awards and recognitions attest that the broker is exceptional in their field and possess a level of expertise that makes them a cut above the rest of their colleagues in the industry.
4. Services
Scrutinizing the list of additional services, a mortgage broker offers will help you recognize if they are the one you are looking for. Aside from buying and renovating properties, there are many more types of services a mortgage broker may offer, so you should pay attention to whether or not they can provide the services that you may need. Here are just a few examples of additional services:
- Annual Mortgage Review
- Bridge Financing
- Credit Repair
- Debt Consolidation
- Equity Lending
- Home Buyer Grants
- Mortgage Insurance
- Alternate Lending
5. Network
Being part of a network such as, Dominion Lending Centres (DLC), Canada’s leading national mortgage and leasing company, allows a mortgage broker to have access to a wider variety of traditional and non-traditional financial sources. Traditional sources are banks and credit unions, while non-traditional includes private lending institutions. If your mortgage broker is part of a network with a wide connection, this can mean that you will have more options to choose from to ensure that you receive the best rates and products available in today’s marketplace.
6. Comprehensive
A mortgage broker will not only give you detailed information about your specific request, but they will also be able to guide you through the financing process with knowledgeable advise and work with you to comprehensively identify the right options for your overall financial needs.
