Questions to ask your Financial Advisor
Best Mortgage Montreal: our brokers always put YOUR best interests first
Did you know there are no hard or fast rules governing the way financial advisors give advice?
Each individual broker, bank, credit union or other type of advisor can say pretty much what they like and it is up to you, the borrower, to decide if it is a good deal and then accept or reject what you are offered.
So if, for example, you are looking to take out a mortgage, how can you be sure that your broker is offering the lowest interest rate or the best re-payment terms and is not simply out to make the best deal for himself?
One way is to ask yourself these three essential questions:
1. Does my mortgage broker bother to find out enough about my personal circumstances before recommending specific lenders to me?
Any reputable broker will spend plenty of time asking you questions and making detailed notes of your answers before recommending any specific lender to you.
After all, everybody's financial situation and lifestyle expectations are different so this is definitely a case of one size (or one type of mortgage) does NOT fit all.
The type of mortgage you end up with should absolutely depend on the amount you can repay comfortably each month without compromising your lifestyle and your long term plans for the future.
Make sure your mortgage broker delves deeply into your current and past financial history and future expectations so that you can be sure that you are being recommended a financial product that is truly compatible with who you are and the way you want to live.
If you don't do most of the talking at the first meeting with your mortgage broker then there is something wrong!
2. How does your mortgage broker respond when you ask about any conflicts of interest?
Mortgage brokers are paid by the lenders, not the borrowers. Each lender negotiates their own fees and commissions with the individual mortgage broker and these may vary according to the terms of the loan.
The mortgage broker then has a clear choice between steering clients towards the lenders who are best for their clients, or to lenders who pay best for the broker.
To be sure you are getting honest advice from your mortgage broker you should always ask about any conflicts of interest.
Of course your mortgage broker can easily lie when you ask him what he/she will get out of this deal. But you can tell a lot by their body language and willingness to discuss what is in it for them.
At Best Mortgage Montreal we strictly adhere to the policy of fiduciary responsibility towards our clients because we know that our good reputation is the backbone of our business and it is only when our previous satisfied clients recommend us to their friends and colleagues that our business will grow.
This means we always offer our clients a range of the most suitable mortgage products and are upfront about the fees, commissions, bonuses and other types of compensation that are paid to our brokers.
3. How transparent is the advice you are given?
It is easy to be attracted by a low-interest rate and not to look at the overall terms and length of your mortgage.
Any mortgage broker worth his/her salt will walk you through the numbers and paint a clear picture of what it means for you in the long term as well as in terms of monthly expenditure.
Choosing the right mortgage for your personal situation means fully understanding all the terms contained in your mortgage plan. For example, do you know the differences between an adjustable rate, fixed rate and balloon mortgage?
Are you aware of the many ways that you can save on closing costs?
Do you know what a balloon payment is?
Best Mortgage Montreal will be pleased to answer these and any other questions you have when you call us for a free, no-obligation consultation about any type of mortgage, debt consolidation or other financial loan.
Call 1 855 777 1711, 1 (514) 994-1030, 1 (514) 819-9181
e-mail us at sales@bestmortgagemontreal.com
or come and talk to us at 1100 rue University, bureau 104, Montreal, Quebec, H3B 3A5.