Save Time And Money On Your Next Mortgage With A Mortgage Broker…Here’s How!
In general, a Mortgage Broker acts as an intermediary between you and a bank or financial institution.
The Mortgage Broker isn’t limited to the products and rates of just one lender or financial institution.
Improved Credit
A mortgage broker will only pull your credit history one time and will then go to multiple financial institutions with that one report. If you go to a bank, a trust company, an insurance company and a credit union looking for the best mortgage rate, each one will access your credit history. Multiple requests for your credit history will negatively affect your credit rating.
With access to numerous financial institutions, including private lenders, a Mortgage Broker can help you get a mortgage even if your own bank has declined you.
Professional Advice for Your Biggest Purchase
For most people, buying a home could be the largest single asset purchase and conversely the largest liability they will take on in their lives.
It makes sense to get help from an experienced professional, especially when it won’t even cost you anything for that professional advice. In most cases, and for most fully qualified borrowers, a Mortgage Broker is paid by the financial institution that grants the mortgage.
Mortgage Brokers can help with:
- Mortgage Financing
- Debt Consolidation
- Commercial Mortgage Financing
- Lease To Own
- Mortgage Investments
- Interest Rate Risk Management
9 Questions to Ask When Choosing a Mortgage Professional
1) Is he or she a Mortgage Broker or a Mortgage Agent?
Mortgage Brokers generally have a greater level of experience and a higher degree of proficiency than a Mortgage Agent.
2) How many years has he or she been a mortgage professional?
3) Does the mortgage professional have the specialized experience for your transaction?
For example, if you’re purchasing a mixed-use commercial property, how many similar transactions has she done before? If you’re buying a rental property, how many other property investors has she worked with?
4) Is the Mortgage Broker affiliated with a national brand, such as Mortgage Alliance?
A national brand provides the mortgage broker with a network of professionals he or she can leverage for your benefit.
5) Is the Mortgage Broker a member of a professional association, such as Canadian Association of Accredited Mortgage Professionals (CAAMP) or The Independent Mortgage Brokers Association of Ontario (IMBA)?
A member in good standing of either CAAMP or IMBA ensures that the member meets a certain level of professional standards.
6) Does the mortgage professional have any professional designations, such as AMP, CMPA, or CMPB?
This demonstrates a commitment to continually learning as each designation requires a minimum number of continuing education credits per year to maintain the designation.
7) Have there been any complaints against the mortgage professional? If so, what was the complaint and how was it resolved?
Information on complaints against a Mortgage Broker or Mortgage Agent can be obtained from Financial Services Commission of Ontario or the Canadian Association of Accredited Mortgage Professionals.
Can the Mortgage Broker or Mortgage Agent provide you with references or testimonials from past clients whose situation is similar to yours?
9) Is the Mortgage Broker easy to communicate with and does he or she return your calls or emails promptly?
While this list is not exhaustive, it will help you to choose a mortgage broker that can help you to meet your needs and goals.
As Mortgage Brokers and Mortgage Agents with Mortgage Alliance-Main Street Mortgages, our mission is to ensure that in every situation we either save you money, make you money OR both.
We are active in the community and are constantly upgrading our skills and learning new strategies to help our clients save money, find the right mortgage solution and help them become mortgage free faster.
For your free no obligation consultation contact a mortgage professional with Mortgage Alliance – Main Street Mortgages today- 1 (877) 226-4810.
