Top Five Questions To Ask When Hiring A Mortgage Broker

Author: Canadian National Mortgage Corporation, O/A The Mortgage Centre | | Categories: Financial Planning , personal finances , First Time Home Buyer Mortgage , improve your credit , Mortgage Broker , Mortgage Planning , Mortgage Rates , Mortgage Refinancing , Reverse Mortgage

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As one of the most widely used means of financial assistance for large investments, a mortgage can help you fulfill the dream of homeownership or set you on the path to financial freedom. However, the mortgage process is lined with challenges that could derail any plans you have before you even begin.

To ensure that there’s smooth sailing at all times, relying on the experience and knowledge of a professional mortgage broker has immense benefits. Apart from helping you select the best mortgage product for your specific situation, they also support you throughout the application and settlement procedure.

Unfortunately, with so many mortgage brokers to choose from, picking one that understands your ambitions and delivers services that are promised can be quite a challenge. To help simplify the search and enlist the services of the ideal professional, here’s a list of the top five questions to ask when hiring a mortgage broker.

1. Do they listen and understand your needs?
Your mortgage broker should listen to your financial requirements, to find a mortgage solution that complements your needs. As there are plenty of mortgage products and lenders available in the market, they should help you find the best product and lender.

2. Does the solution offer peace of mind?
If a mortgage broker is unable to offer a solution that gives you peace of mind, then maybe they are not the right consultant and agent for you. Moreover, if you are dissatisfied with the plan of action and the type of mortgage that your mortgage broker has suggested, then you need to look elsewhere.

3. Would it improve your cash flow?
Before hiring a mortgage broker, ask them about the number of lenders that they have in their network. A mortgage broker with an extensive network of lenders will be able to get you a deal that’s best suited to your financial abilities. Moreover, if you have multiple loans to pay, the mortgage broker should help you come up with a game plan to boost your cash flow.

4. Would it save money in the long-term?
There are a variety of mortgage products in the market. Picking the one with the least interest may seem like a great option, but it isn’t always the case. For this reason, your mortgage broker needs to take both your present and future financial standing in account, before selecting a mortgage plan. With a suitable mortgage plan for your needs, you will eventually save money in the long-term.

When it comes to mortgage, even a slight difference in the interest rates could have a profound impact on the payable amount that you will need to return over the course of numerous years.  

5. Will it get you closer to financial freedom?
A mortgage essentially means taking on a life-long debt, but it doesn’t always have to be the case. By working with a mortgage broker who understands your finances, you can create a plan for the future, and have more than one way to set yourself up for success and begin your journey to financial freedom.

If you’re looking for a mortgage broker in Mississauga, ON, reach out to Canadian National Mortgage Corporation, O/A The Mortgage Centre.

I am David So, a licensed mortgage broker in the province of Ontario since 1989. My team and I provide services in the areas of mortgage refinance, home improvement loans, debt consolidation, and line of credit. We have developed a system called the “Four Steps to Financial Peace,” under which we formulate personalized plans to ensure the clients’ financial freedom and peace of mind.

To learn more about the services we offer, please click here. To get in touch with us, please click here