In this world, finding reputable help can be a challenge, whether you’re looking for a lender, a real estate agent, a dentist, a lawyer, and the list goes on. I know that just the mention of some occupations probably made you cringe. And, everyone has an experience or bad story they can tell about the service or person. To help you come over those bad experiences, I have listed few tips to single out the right mortgage broker in BC. Go through it and hopefully learn from my experience:
Tip #1: Word of mouth referral is typically your best source to find someone worth their weight in gold. If you think the referral is not worthy, you can go back to your friends or family and ask them why they referred them. Just like in most other professions, the best operators get most of their new business or clients through referrals from satisfied clients. They usually don’t need advertise their happy clients i.e. word of mouth do this for them.
Similarly, remember the general rule of thumb. That is, beware of mortgage brokers who do a lot of advertising. A broker who spends lot of money and time on advertising, means that either they don’t have a good base of clients referring new business or probably don’t have a lot of experience.
Tip #2: Avoid cheap services. Always remember that you get what you pay for. It is advised to find the broker who provides reasonable services. Brokers who provide good service and offer a reasonable price typically provide the satisfaction over the long term.
Tip #3: Don’t lean on single rates or programs. I would recommend you to pick three brokers and set three appointments. Now ask the brokers about their loan programs and jot down how close they are in their numbers. Then shop for a good lender, service, support, communication etc…
Tip #4: Ask questions such as; would you mind sharing with me what extra incentives or perks you give to the preferred clients? What are the rates you give to keep your preferred clients coming back to you again and again? How many lenders do you provide access to? What are your qualifications and experiences? What types of commissions do you receive? What service do you offer after the loan is settled?
Don’t be afraid to ask the mortgage broker in BC these questions to get the information you need.
Tip #5: Last but not least, ask if there are any fees. Most mortgage brokers Do Not charge a fee for service, since they get paid directly from the mortgage lender that your mortgage is placed with. Usually, mortgage brokers shouldn’t charge fees as well as receive a commission from the mortgage lender.
If you follow the above suggestions, I’m sure you’ll find the one that’s right for your needs. If you find it difficult, click here to hire an experienced mortgage broker in Vancouver, BC.