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Picking a Good Mortgage Broker

I recently read an article in which a realtor in Orlando, Florida lamented the fact that mortgage brokers were not doing their jobs properly. He advised that you contact a number of mortgage brokers before deciding on one. Checkout Wealthy You for more info.

This may be a major issue. I don’t offer real estate or legal advice to clients because I leave it to the experts in those fields. In this scenario, the realtor’s advice could negatively impact the client’s credit score, preventing him or her from purchasing the home they really want.

When you call a bank or a mortgage broker, they will pull your credit report and see what kind of rate you are eligible for. Your credit score will be lowered if you make too many inquiries, and you could be refused financing.

According to the source, you should choose a local lender because funding can be delayed if the lender is too far away. Is there such a thing as too far away? I’m not sure, but if you’re low on time, I’d recommend going with a fast lender. Some Calgary lenders take a long time to respond, while others in Toronto respond quickly. My recommendation is to delegate the decision to the broker.

Finally, as a mortgage broker, I’d like to give some advice. Check out a mortgage broker’s online presence if you’re looking for one. Do they seem to be knowledgeable? Do they write long-winded ads or articles? If anyone has their Accredited Mortgage Professional designation, the AMP, in Canada, you can say if they’ve been in the industry for more than two years.

This indicates that the broker has a lot of experience and attends daily continuing education classes. They’ve even completed an ethics course and pledged to put your needs first. (Keep this in mind if you’re thinking of getting a mortgage from a bank.) Who are they employed by? (Will it be you or the bank?)

You will find a reliable mortgage broker by contacting the provincial mortgage association, which is AMBA in Alberta, or the national mortgage broker’s association, which is CAAMP. Keep in mind that brokers are only licenced in their own province. If you’re purchasing a property outside of the province, make sure they’re already licenced in that province.