How To Choose The Right Mortgage Professional
When thinking about making a home purchase, whether it’s your first time, or you’ve made a purchase before; it’s always good to have a professional on your side. Choosing the right mortgage professional can save you time and money, and can also take some of the stress out of the home buying and financing process. Just like shopping around for that right home to purchase, you should also consider shopping around for a mortgage professional that is right for you. Karen Canning, and the team of mortgage brokers at The Mortgage Group have some tips to help you choose the right mortgage professional.
The Right Level And Area Of Expertise
Every mortgage broker has a different level of expertise, and may specialize in certain areas of home financing that may, or may not, be applicable to your situation. Some mortgage brokers may work strictly with individuals with low credit scores, specialize in private lending situations, or work primarily with commercial transactions. When looking for a mortgage broker for your home purchase, it is a good idea to determine what your specific needs are, and what areas you may need the most help in. This way you are able to be efficient in your search for a mortgage broker, and have the right questions to ask when interviewing brokers or agents.
Form A Solid Relationship
Building a solid relationship with a mortgage broker can go a long way in your home buying journey. Your mortgage broker of choice should make you feel comfortable to work with, be knowledgeable about your financial situation, the options available to you, and the area in which you are looking to purchase. Trust is also a large factor, as well as good communication throughout the financing process. Your mortgage broker of choice should be focused on finding you the best deal and financial plan for your situation, laying the foundation for repeat business. If they are more focussed on pushing the deal through as quickly as possible, they may not be working in your best interest. The right mortgage professional should understand your needs, be able to answer your questions, and be in constant communication throughout the whole process. If your mortgage broker becomes hard to get in touch with, or seems to shy away from answering certain questions, it's definitely a red flag and might be time to start interviewing new brokers.
Efficiency Is A Must!
Collecting the correct information in a quick and efficient manner while filing your paperwork on time is a must. Along with speed and efficiency, your broker also needs to be accurate and pay attention to details. Choosing a mortgage broker that is slow to act and makes mistakes can prove to be costly when errors and omissions prevent a home from closing on time. An efficient mortgage professional pays attention to details and makes sure those time-sensitive documents get to where they need to be. Efficiency can make the difference between getting the home you want and losing out on a sale because the mortgage process got hung up.
They Look After You
The purpose of a mortgage professional is to find the best mortgage product to fit your financial needs; this means looking out for your best interests. At times, when it comes to financing, there can be difficulty in meeting the financial requirements for the home of your dreams. A mortgage broker that attempts to push you outside your financial comfort zone is not looking out for your best interest. When looking for a mortgage professional honesty is key. Your mortgage professional should always be looking out for your best interest and not be afraid to tell you when a home purchase may not be the best option financially. A good mortgage professional will make sure they explain why a particular mortgage is better for you, and will also be up front about applicable fees or commissions they may make.
Pay Attention To Reviews And Referrals
Speaking with friends and family for a recommendation on a mortgage professional is a great way to start, but remember; your financial situation may have different nuances, and not all mortgage professionals are created equal. Ensure you do your own research by reading reviews online to get an idea of other people's experiences. A good mortgage professional will have client references on hand who are willing to speak to their experiences, and be open to sharing those references to contact.
Choosing the right mortgage professional can go a long way in making the home buying and mortgage process run smoothly. If you have a unique situation, find someone who has had experience with that type of scenario to work with. Don't be afraid to ask questions and always listen to what your instincts are telling you.
If you are looking for the right mortgage professional in the Langley & Abbotsford area, give Karen Canning a call today.