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Canadian Mortgage Brokers – What To Look For In A Mortgage Broker

When looking for a mortgage or a home loan it is usually in a borrower’s best interest to turn to a mortgage broker for help. This is because a mortgage broker uses their knowledge of the mortgage industry and marketplace to pair you up with the mortgage you need, and help you acquire it. If you’re in the market for a mortgage broker it can be difficult to determine which ones genuinely have your best interest in mind and which ones are looking to cash in as quickly as possible. To help you sort out the ethical and reputable mortgage brokers from the rest of the pack, here are a few pointers and suggestions of what to look for in your next broker.

1) Independence. This is perhaps the most important factor you should consider when scouting for a mortgage broker: that the broker you choose is not beholden to any one lender’s products to do business. A good broker deals with many sources of funding, including banks, credit unions, private sources, and investment companies, to give their clients the most range and opportunity to find the lending package that best suits them. This also means that a broker can be impartial in recommending a lender, which will allow the broker to operate more completely in your best interests as opposed to recommending the bank that’s paying them to draw clients.

2) Accreditation. The broker you hire should be registered with a third-party group that holds them to a professional standard and ensures that they are accountable to an institution larger them themselves. In Canada, the AMP (Accredited Mortgage Professionals) organization is the most common association for mortgage brokers to be registered with, but there are others, particularly on a province by province basis.

3) Reputation. Your mortgage broker should have a great reputation both among his clients and among the banks and lenders. You can gauge a broker’s reputation by looking online at their business listing, in an directory such as Google Places or the Yellow Pages. Accompanying the broker’s listing will be client/customer reviews, which can act as a small preview of what to expect from that broker. If a broker has made a name by matching his clients up with the mortgage they were looking for, at the rate they wanted, it’s likely that they will continue to do the same for every client that they meet. Additionally, banks will be more likely to work with brokers who do great work, and will even go so far as to offer discounts to the clients of certain brokers.

When looking for a mortgage broker the most important thing is to take your time, and consider all of the variables before you make a decision. If you’re still worried about finding the best Canadian mortgage brokers, don’t be. We’ve done a lot of research and found the best Canadian mortgage brokers available, and we’re happy to share what we know.

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