Characteristics of Great Mortgage Broker

The main goal of our Ottawa mortgage broker team is to work in your best interests. This means finding a mortgage package that benefits your situation the most. When you are shopping around for a mortgage, you need to find a broker who will do their best for you. There are certain characteristics that you should look for in a broker before you decide to work with them.

Putting Your Best Interests First

As I mentioned above, one of the key characteristics of a great mortgage broker is their ability to know what is best for their clients and then act on that. This means they need to have the experience and knowledge necessary to find mortgage options that will suit your financial circumstances and needs.

Sadly, there are some mortgage brokers who put their needs before their clients. This can result in being given mortgage options that aren’t best for you simply because they will get more commission by selling that particular mortgage package to you. It could end up costing you more in the end.

Detail Oriented

The mortgage process is quite complex and a mortgage broker needs to have that sharp eye for details so that all of the right paperwork is submitted at the right time and transactions take place as they should. All it takes is one major detail to be missed and the whole process is jeopardized. It goes beyond the paperwork though. A great mortgage broker needs to keep you in the loop, let you know about any changes, and should always make sure you understand those little details as well.

Honest and Transparent 

Another characteristic of a great mortgage broker is honesty and transparency with everything they do. If a mortgage broker is promising you more than they can actually deliver because they are desperate to close a deal, that is a warning that they could be hiding things, such as fees, or making changes without telling you. A great mortgage broker is straight and upfront about everything they are doing. They will also tell you if they are unable to do something for you and are realistic when it comes to what you are able to qualify for with a loan. They will give you both the good and the bad.

Upfront with Fees

A broker should always be open about any fees you may be charged from the start. There are some situations where a broker will be given a compensatory fee working with specific lenders for example. This is something they need to let you know. If you have a broker who seems to break out into a sweat every time you ask about fees, it could be a red flag that they aren’t telling you everything.

Your finances and financial situation are a delicate and private area of your life. It makes sense to choose the best broker for the job, who is trustworthy, will work with you and is transparent about everything they are doing.  If you’re looking for an Ottawa mortgage broker that you can trust, give our team a call today!

Leave a Reply

Your email address will not be published. Required fields are marked *