Canada Mortgage Broker
Canada Mortgage Broker: Tips on Finding the Broker for Your Needs
Canada's real estate marketing is healthy and strong. Hence, a lot of buyers are looking to purchase real estate. A key factor in obtaining the best rates on a mortgage depends on getting the right Canada mortgage broker – and asking him/her the right questions.
Following are four questions to ask your Canada mortgage broker to get you the best rate.
4 Questions to Ask Your Canada Mortgage Broker
Question #1 to ask your Canada mortgage broker: Do you specialize in residential or commercial mortgages?
Most Canada mortgage brokers specialize in either residential or commercial mortgages. However, there are those who handle both types of transactions. This tends to be most prevalent in small, owner-managed mortgage brokerage houses.
Tip: You want a Canada mortgage broker who specializes in the type of property you're looking to buy. Why?
Because mortgages tend to be complicated financial matters, keeping up with new products, legislation and regulations in the market is a full-time job for just one sector. Trying to do this for both sectors can be overwhelming.
Commercial mortgages in particular can be very complex. So, stick with residential mortgage brokers for residential property and commercial mortgage brokers for commercial properties.
Question #2 to ask your Canada mortgage broker: Do you specialize in specific property types (eg, condos, single-family homes, etc.)?
Piggybacking on the first question, you want to continue this specialization even further. Buying an apartment building is different from buying a retail store is different from buying a warehouse facility.
When purchasing, not only do you want a Canada mortgage broker who specializes in either residential or commercial buys, you want one who specializes in brokering deals on the type of property you're looking to buy.
The best way to do this …
Question #3 to ask your Canada mortgage broker: Tell me about some of your most recent transactions?
One of the easiest ways to find out if the Canada mortgage broker you're considering working with has the experience you're looking for is to ask them about their most recent deals.
Get specific. Ask about type of property purchased, purchase price, length of time it took to close the deal, etc.
If the Canada mortgage broker you're considering can't come up with some recent deals that mirror what your needs are, consider someone else.
Question #4 to ask your Canada mortgage broker: How long have you been a mortgage broker?
While this may seem like an obvious question, you'd be surprised how many clients fail to ask it.
As mortgages are complicated financial undertakings, when you meet a broker, if he speaks the lingo (which many purchasers don't understand), it can appear as if he/she has years of experience.
Just to be on the safe side though, ask. As there is a high turnover rate in this profession compared to others, you want to get an idea of where the mortgage broker you're considering using stacks up compared to others.
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