Unlike your local bank branch, a mortgage broker will have access to various mortgage providers, many of which may not even be in your region. This is why it is essential to work with a mortgage broker in Calgary – you will be getting the best deal. Here are three tips to help you find a trusted mortgage broker in Calgary.
Start with your family and friends.
If you know someone who has already found a mortgage broker in Calgary, that’s great – but don’t stop there. Ask your family, neighbors, and friends about a good mortgage broker in Calgary they could recommend. Even if they didn’t have a good experience with a particular mortgage broker in Calgary, you should still consider them because you want to get initial contact with a lender before you decide to do business with anyone else. Your friend or family member may have had a bad experience with a broker in Calgary, but if they said anything about working with somebody they couldn’t stand, that should be a great indication that this broker isn’t going to screw you over.
When talking with mortgage brokers in Calgary, ask about their lender relationships. If you already know somebody who has used their services, take some time to learn more about the lender and how the lender relates to other mortgage companies. There are good lenders and there are bad lenders, and a good lender will always give you a better rate on your loan than a bad lender will. Working with a lender that has consistently given you a better rate than other lenders is worth exploring.
Professionals Mortgage Broker in Calgary
The third tip is to go with a Mortgage Broker in Calgary. You can do your research online to see which professionals are licensed to practice in Calgary. Once you find the list of professionals you can contact them individually and schedule an appointment to talk to them. You can discuss what you want from your mortgage, and you can ask each of the three professionals for their recommended programs for finding a mortgage with better terms. They can also help you with any credit or financial information issues you need.
The last thing you should do before using a mortgage broker is to contact the National Association of Mortgage Brokers (NAMBLA) or the National Futures Association (NFAA). These two organizations have a list of licensed brokers. You can contact them for information about a broker you are interested in. When you meet with a mortgage broker in Calgary, ask him or her for recommendations for choosing a home loan. Your broker will have good contacts at the bank you currently use, but will most likely work hard to find you the best loan for your financial situation.
Choosing a mortgage broker is similar to choosing any type of professional. You want to choose someone who knows your situation and has a good reputation. Look for candidates who work with multiple lenders and who have built a strong reputation with those lenders. If you are having trouble qualifying for good rates with certain banks, you may get a great credit union or mortgage rate through another lender.