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At some point, if you find yourself in the position of having to search for the best mortgage loan do you even know where to start to get the ball rolling? Most people do not and that is why finding the best mortgage broker in Mississauga, Canada, meaning they have your best interests in mind, can be a great idea when searching for that perfect mortgage that fits all your particular borrowing needs on your new home.

Although these brokers are privy to inside financial information and therefore have lots of tips that can help you get the best loan possible, it’s important to understand that anything and everything the broker is doing as they are doing it in your name. A mortgage broker is an independent contractor and although they can provide you with lots of different loan choices, the ultimate decision is up to you.

3 Tips for Finding the Best Mortgage Broker in Mississauga, Canada

1. Ask Around for Recommendations. In some cases, the word of mouth or grapevine is a great way to find the best broker because you are getting advice from those who have firsthand experience working with them. Be sure that you ask people that you fully trust so you are sure to get the whole truth or the skinny as they say on the mortgage broker you are evaluating. Also, be sure to ask for specific reasons why or why not they would recommend a particular broker. Lastly, don’t rely on written testimonies.
2. Questions! Questions! Questions! Questions need to go both ways and are a way to make sure that the broker completely understands your specific financial situation, as well as helping you to understand their specific policies. At some point, when you find you are interested in a specific mortgage broker and want more information, set up an appointment with them, which should be free of charge via a phone or in-person consultation. Once you have explained all your financial needs it is now time for the broker to ask you lots of questions so that they can more fully understand your financial needs for them to narrow down and find the best loan selection for you. In almost every scenario, the best mortgage broker Mississauga professional will have nothing to hide so if you feel that you are not getting the answers you want, it may be time to move on to another broker.
3. Check Their Credentials. The National Association of Mortgage Brokers (NAMB) has been around since 1973 and was created as a way to help support the mortgage broker community by providing them with professional guidance. When a broker is a member of the NAMB you know that they are expected to provide the highest levels of professionalism, which can help give you that confidence you’re looking for when trying to find the best mortgage broker in Mississauga, Canada.

With respect to this article, geared to people living in Canada, you would contact the Canadian Association of Accredited Mortgage Professionals (CAAMP). This is Canada’s version of NAMB and was also created as a way to ensure that the highest standards are upheld when it comes to the mortgage loan industry. So no matter whether you live in New York or Calgary, know that there is a broker that is just right for you and will accordingly serve your specific mortgage needs.

Bottom Line

Your efforts in finding the best mortgage broker shouldn’t be too difficult or entail any rocket science analysis. It just takes time to ask around to get some valued opinions and also some time to research the broker and set up appointments to ultimately find the best mortgage broker that will get the best mortgage deal for you.

Are you hoping a mortgage broker in Mississauga, Canada can help you out with your home financing needs, but afraid that they won’t be able to do anything for you? With the current economic crisis affecting millions of people all around the globe, there are scores of homeowners who feel unsure with regards to applying for a mortgage, and those living in Canada are no exception.

Interestingly enough though, if you want to renew your existing mortgage, or even if you want to apply for a new one, while it may sound strange, there couldn’t be a better time than the present. Of course, this does also depend on whether or not you manage your finances properly and whether or not you have a good credit history.

Unfortunately, with regards to lenders, there’s a lot of false information going around. Perhaps the most misleading bit of information is that it’s virtually impossible to get finance in Canada at the moment. While there may be a measure of truth in this with regards to our American neighbors, Canadian money lenders on the other hand are desperately seeking out new business. They are going to great lengths to get your business and provide you with a mortgage, hence the reason why mortgage rates in Canada are at an all-time low.

How exactly should you go about securing a low-rate mortgage?

One great start is seeing a mortgage broker in your local area. They are local and they can walk you through the whole process. As you go to meet your mortgage broker it is important to have a basic understanding of the mortgage process and of course, if you have an idea as to how the bank thinks, then that’s a bonus. One thing I noticed while working in the financial industry is that the vast majority of Canadians don’t really understand how banks operate.

Essentially, banks view lending you money primarily as an investment in much the same way you see putting your money to the bank as an investment. Of course, when you search for an ideal investment opportunity, you try to find one which offers the best return for your money. Of course, you also need to manage the risk that you could lose your money and as a result, you’re sometimes prepared to trade lower investment returns in exchange for less risk.

Just like when you invest, banks are in the business of investing their money to make money. Banks, however, invest most of their money in the form of mortgages and loans to individuals and companies. Right now because of what has been going on in the global economy, the large banks don’t want to take on high-risk investments so they are willing to trade lower returns for safer investments. What that means to you is that if you look like a safe investment to a bank, you are going to get an amazing deal on your rates. On the other hand, if you don’t look like a safe investment, then good luck getting a loan.

When we think of buying a new home in Mississauga, Canada usually it’s the realtor that comes to mind. However, it’s just as important that your lender or mortgage broker in Mississauga, Canada is on board to help you have a positive experience.

Selecting a bad broker who doesn’t return calls or emails and seems to only want to rush through your paperwork so they can get to the next client is probably a bad sign.

Do consider following these five points to choosing a fantastic broker that will make your mortgage approval and home purchase experience seem extraordinary simple & easy.

References or Referred to You

Endeavoring to become a mortgage broker isn’t all that difficult, however, being a great mortgage broker to all can be tough and nearly impossible. Sure almost anyone can go through the course and paperwork required to become a broker. Heck lenders will even set them up as brokers. However, these lenders do this knowing that it’s only the few that actually produce results for them, while the others will be gone within weeks if not months.

Because of this make sure you were either referred to a broker that you’re going to use by a friend or family member or that you get references and testimonials from a broker you do choose to do business with before you enter into the relationship. This will ensure you avoid choosing the wrong broker from the get-go.

Knowledgeable about Mortgage Laws

Canada has unique mortgage laws now. Ever since the economic crash of 2008 the laws have become stiffer and more difficult for people to buy homes, especially first-time home buyers. To the laymen’s understanding, these laws aren’t so straightforward. Your broker should be able to help you navigate those laws and understand what restrictions you fall under and thereby let you know what you’ll need for a down payment, how much you can afford given down payment, and amortization restrictions.

Available to Answer Your Questions

Availability is another key important part of finding a good mortgage broker. Too many times I’ve heard stories of people waiting more than a day to hear back from their broker. This can mean the difference between placing an offer and getting the home you want and missing out on a great deal because you weren’t one hundred percent sure you’d be able to afford it.

Make sure that you can get in touch with your broker during the most reasonable hours. This means outside regular 9-5 as well since many showings for homes are outside that time period.

Offers you Options

A good mortgage broker will provide you with more than just one alternative for your mortgage. If they’re only bringing you one offer then there’s a chance they’re just an independent rep for one lending institution which means they aren’t really a broker at all.

Having at least two options to choose from can ease your mind that you’re getting the best rate and re-payment options possible.

Has Your Best Interest in Mind

The best mortgage broker will ensure you aren’t going to be house poor. Often times lenders will let us over-borrow to a point where their computer program says it’s OK, but when you end up having to make the payments you feel house poor.

Don’t fall into that trap, ensure your broker has your best interests in mind and that they help you decide what’s an affordable payment for you.

Other things make one broker better than another, but these five points will ensure that your broker will get you the best rate they possibly can answer your questions, and positively influence your new home buying experience rather than slowing it down.