It is standard practice to ask your current bank for their mortgage rates when you’re ready to buy your next home. However, they don’t always give you the best rates, and they may reject your proposal. The solution is to find a good Laval mortgage broker. But what criteria should you use when comparing mortgage brokers?
One reason to work with mortgage broker Laval customers can trust is that they tap into a broad network of lenders. That is why they may be able to find lenders willing to give the self-employed small business owner or someone recovering from divorce the same rates as the ideal mortgage customer. You may have to work with a mortgage broker to get a loan to buy and renovate a fixer-upper or a mobile home. A Laval mortgage broker can help you find a reasonable interest rate on the loan for a property in need of repair, while big banks may refuse to even consider the project.
Ask what lenders the mortgage broker works with. It is a major red flag when the mortgage broker doesn’t work with reputable banks or credit unions. The ideal mortgage broker works with a variety of financial institutions as well as private investors and smaller banks.
It isn’t enough to be able to find you a low interest rate loan despite your credit or irregular income. For example, if you can’t close on the loan soon enough, you may lose your dream home. If the lender can’t or won’t answer questions while you’re filling out paperwork, your loan requests may be denied. When mortgage brokers aren’t available after you get off work or on the weekend when you’re free, their low fees are irrelevant.
Research the reputation of the mortgage broker before you contact them for rate quotes. You don’t want to give your personal and financial information to someone who may close shop and steal your identity. Nor do you want to sign a contract based on bad advice. You’ll literally pay for it.
Take the time to read reviews of the mortgage broker online. What do their former clients say? Don’t use the testimonials they post on their website, and know that businesses may ask for positive reviews to increase their score. Pay attention to the negative reviews, because it is the worst case scenarios you want to avoid. If there are few negative reviews and even fewer serious issues, ask the Laval mortgage broker for references. Then actually talk to their former clients. How did the broker do in helping people fill out paperwork? What was the person’s experience like? What were they charged for this service?
Mortgage brokers are in the business of helping you secure a mortgage. However, they don’t all run off the same business model. Some mortgage brokers charge a flat fee for their services. Others are paid a commission based on the loan amount. A mortgage broker Laval service may be paid by the mortgage company, and that may mean you don’t have to pay the broker personally.
Always ask how the mortgage broker is going to be paid. You want to know if they receive extra incentives to steer you toward a particular lender. Those paid on commission have an incentive to offer you a larger loan balance, whether they suggest buying the larger house or rolling your current credit card debt into the home loan as part of a debt consolidation.