Best Mortgage Broker?

Where can I find the best mortgage brokers? Who is the best mortgage broker? What about best mortgage brokerage?

These are common questions we get. Well I can certainly answer the last point as I was very particular in my research when deciding which mortgage brokerage to work with and Dominion Lending Centres are the biggest (this is a fact) and best (this is personal opinion obviously) in Canada.

However I thought I would give you some hints and tips as to how you can decide who is the best mortgage broker for you.

THE CRITERIA

The way to decide on the best mortgage broker is to lay out some criteria. Here would be my suggestions:

• They provide you with so much free information and reports that you could practically arrange the mortgage yourself. This is not only a sign that the mortgage broker knows what they are doing but that they are willing to go the extra mile to help you.
• They don’t just arrange deals with a few lenders but have good relationships with dozens. Many mortgage brokers would appear to be ‘good’ but only push a few products on people. Often these are low rate, ‘no frills mortgage products with high penalties and hidden fees/costs.
• They respond to emails, calls and messages in a timely manner. I think it goes without saying that you shouldn’t be left in the loop as to what’s happening with one of the most important financial decisions of your life.
• They don’t make false promises. This is a big one. In a world with increasing competition, many mortgage brokers resort to the ‘bait and switch’ where they promise you a rate/product only for it later to become ‘unavailable’. Just bear this all important truth in mind: until a mortgage broker has taken a full application – including income details, property details, assets, liabilities and credit scoring – then every single rate you are quoted is merely an estimate and often the ‘best case’ rate for that product. Most mortgage brokers have access to the same lenders and same products. If a mortgage broker is promising a rate that is so far ahead of everything else out there then the old adage “if it sounds too good to be true, then it probably is” can apply.

SO, WHO IS THE BEST MORTGAGE BROKER?

Well it’s obviously me! Only joking. In truth, this is completely a judgement call for you.

What one person might find the best (‘he emailed me the latest deals all the time – amazing!’) another might find annoying (‘he emailed me the latest deals all the time – so annoying, leave me alone!’).

Like anything, do your research and maybe consider the criteria above while making your choice.