If you are considering buying a home or want to refinance, you may be wondering which route is the best to take to obtain financing. Today we talk about mortgage brokers and how to choose the right one to best suit your needs.

Often, when individuals set out to obtain mortgage financing, their first thought is to head to the bank. While this is a good option for some, going to a mortgage broker is often better than going directly to the bank or a lender because it gives you more choices. This is because banks are only able to offer you their rates, while a broker working with multiple lenders can offer a variety. That being said, it is critical to take steps to choose the right broker for you.

Many mortgage brokers have an inherent conflict of interest because, over time, relationships are built with lenders that can lead brokers to find you a deal that makes the most sense for them. While the deal may be good, it won’t necessarily be the best. Furthermore, like the banks, some brokers only represent certain lenders, making it difficult to provide options for those with bruised credit or in atypical situations.

So, how do you choose the right Ontario mortgage broker?

Start by heading online to see what options are available locally. Once you’ve narrowed down a list, check the FSCO website to confirm that they are licensed and in good standing. If they are not, our advice is to steer clear.

Follow up by Googling them and checking their reviews. Are there reviews of their brokerage? Have people recommended them online? Do they have presences on social media? How many followers do they have? Are people saying good things about them online? The answers to these questions can yield a great deal of insight into whether or not they are trustworthy and reliable.

Ask them for references or to verify testimonials. A good mortgage broker will be able to provide you with references to previous clients.

Once you’ve settled on a few, call and ask questions. Take notes on what deals they are able to offer you. Make sure to ask about special conditions. If you don’t understand something – such as terms used or calculations – be sure to ask for clarification.

A mortgage is a very important financial product – one that you will likely have for years to come. You don’t want to rush into it. Be sure to do your research and find the right mortgage broker for you.

Want more information on how to choose the best Ontario mortgage broker for your unique situation?

Call DebtCare today: 1-888-890-0888.