Mortgage Broker Toronto: Learn How to Hire One!
Mortgage Broker in Toronto is one of the important professionals you will need when looking for mortgage financing a real estate.
Buying a home in Canada can be both costly and overwhelming. When going through the mortgage process including pre approvals for home equity take outs or purchases, it is better to seek the help of a professional who will assist you throughout the entire process.
Mortgage Broker in Toronto is a person licensed by the FSCO (Financial Services Commission of Ontario) who helps you find the best mortgage rates for a primary residence, real estate investing, and refinancing with terms and conditions suited for your needs.
Toronto Mortgage specialist helps you compare mortgage loan rates with Canadian mortgage terms among several banks, mono lenders, credit unions and also provides valuable advice about getting your mortgage approved, given the housing market situation
Mortgage brokers in Toronto, help first time buyers and repeat, explore their choices when making one of the most important purchases in their lives – a home.
Mortgage Broker Toronto: 5 Traits To Look For
A good mortgage broker Toronto will spend time to understand what your goals are. The broker will then craft a customized plan to achieve them accordingly.
A professional mortgage broker in Toronto, Mississauga GTA will spend time to understand what your goals are. The broker will then craft a customized plan to achieve them accordingly.
Instead of going for a quick sale on the basis of lowest rates offered (fix mortgage rates or variable rate mortgages), the Toronto mortgage broker will assess your financial needs and debt profile to give you the best options available.
Other traits that you should look for are flexibility and eagerness to help. The mortgage broker should be readily available after taking your mortgage application, and is easy to get in touch with via phone, email or text.
We provide 24 – 48 hours mortgage application status update guarantee to all our clients.
Try to find a mortgage broker who submits your application to one lender at a time. More time and attention should be spent on each application instead of desperately broadcasting it to several lenders at once and hoping for an approval.
We offer your mortgage business to lenders who prefers to work with scenarios like you. This translates into lower declines and faster turn around for you to stay on track with your homebuying process.
Professional Toronto’s mortgage broker should also be able to tell you all the terms and conditions upfront. This transparency allows you to make an informed decision and move forward with confidence.
While banks have a 60% market share of the mortgage industry, mortgage brokers aren’t too far behind with a 40% share.
More and more first time buyers, self-employed, and borrowers with bad credit choose to work with a mortgage broker instead of applying directly at the bank because they understand that broker has way more options when finding a mortgage solution.
If you are a banker looking to be a broker or a newly licensed agent connect with us to discover your benefits when you join our team.
A mortgage broker in Toronto with integrity provides highly personalized solutions by keeping client’s goals in mind. The banks tend to give you more business-like treatment.
Mortgage brokers have access to multiple lenders and mortgage rates, while banks only offer you their prevailing rate.
This, by far, is one of the greatest advantages of dealing with a competent mortgage broker in Mississauga, Toronto GTA instead of the bank.
Why Work With Mortgage Broker When Buying Your Home?
Toronto’s mortgage brokers have access to various lenders (banks, credit unions, MIC, REIT) They are capable of providing a highly customized mortgage loan based upon your credit report, Income and down payment/ existing equity.
For line of credit, equity loans, reverse mortgage, purchase plus improvements, secondary home mortgages, second mortgage or even to quickly pay off credit cards get in touch with a Mortgage broker in Toronto.
Using a mortgage broker when buying your home allows you to have more choices and exercise more control.
Look for a mortgage broker who will never pressure you to sign the documents immediately. Instead, he or she will patiently explain and let you acknowledge and agree to the terms of the loan before moving forward with it.
Whether you are a first time buyer, a property investor, or refinancing your existing mortgage, working with the right professional will help you get a tailor made solution for your needs with applicable rate guarantees.
While Toronto’s bank mortgage specialists are available only during office hours, you can enjoy more flexibility with a mortgage broker. In most cases, you can call or email your mortgage broker at any reasonable time of a day and get hold of them.
If you dont have one yet, look for one who is easily accessible and available or simply give us a try.
How To Find an expert Mortgage Broker in Toronto, Mississauga & GTA?
The following steps will help you pick a good mortgage broker in Toronto, Mississauga GTA to help you buy or refinance your home:
More than anything, It’s your upfront home work that will help you find a mortgage broker in GTA who will help you bring you closer to your individual financial goals.
Start by doing an online search for a mortgage broker in Toronto GTA. The easiest way is to search for 3 best mortgage brokers in Toronto, Mississauga GTA or any other town of your choice.
Check web sites of all 3 experts in the area especially About Us, Services and most importantly Client Testimonials.
You should read reviews from their past clients and decide if the partnership is worth pursuing based on the feedback.
Ask your family and friends about their previous experience working with the broker and how the entire process was handled. This is to create a shortlist of potential mortgage brokers to work with.
This is the One most important step in deciding on working with a mortgage broker.
Take your time to interview your mortgage broker in Toronto or neighboring area despite what you read about them online or you heard about them from your friends and family.
12 Simple Questions To Interview Mortgage Broker Toronto GTA
- Besides verifying information about your mortgage broker you found online and friends, ask for their process of handling your case step by step
- Are they an independent broker or a specific lender dependent? The independent mortgage broker should have access to all different mortgage products whereas a bank expert will be heavily restricted to only one lender’s product which maybe not best suited for your scenario.
- Is the commission affected by the mortgage interest rate they quote you? Banks mortgage experts commission is directly proportional to the rate quote they offer.
- Referral fees to referral sources: Many banks mortgage experts and mortgage agent brokers are referred to borrowers because they get referral fees to do so. This may not be in your best interest. Wouldn’t it be better to be referred to a mortgage broker expert for his/her skillset and advice they give to clients than a referral fee? Something to think about.
- What formal training and experience do they have as mortgage specialists? In comparison to independent mortgage professional, Bankers do not have to go through formal training to start working on mortgage applications whereas mortgage agents/ brokers have to go through courses to get a formal license from FSCO. A good mortgage broker in the Toronto area keeps them up to date with the industry-wide changes. On the basis of their knowledge and education, they are well equipped to guide you in the right direction depending upon your individual circumstances.
- Ask about their Academic Background: Higher education empowers a professional with analytical skills and capabilities to skim through the plethora of informational hype and draw meaningful conclusions. This skill set is what enables an expert to actually provide you with the sound advice you may need.
- Inquire on the deep-rooted motivation of the mortgage broker: Dig in deeper into their business approach. Are they Transaction oriented or have a clear action plan to be your adviser for the long term. Ask them how they plan to stay in touch with you. This is the secret to success and staying ahead of the game especially if you prefer variable mortgage rates over fix mortgage rates.
- Ask about their on-hand experience in handling mortgage cases similar to yours.
- How do they handle the mortgage application submission process?
- What is their turn around time?
- Who is your contact person to follow up with?
- What is their protocol for keeping clients informed during the loan application approval process?
Just in case you are not having luck with a mortgage broker allow us, an opportunity to win your mortgage business. Let us help you find a workable solution that enables you to pay off your mortgage faster and be debt free.
Paramjit has been a Full time licensed mortgage broker for the last 9 years. He has the capabilities and knowledge required to provide you with a viable mortgage solution for your scenario. Click to learn more about Mortgage broker Paramjit
Whether you are a first home buyer, or you’re set back by bad credit, II highly recommend a mortgage broker agent.
We can help you match up with our partner big banks, credit unions, or other lenders who will be happy to work with you.
Awesome info! Thanks for this!
Glad you liked it. Thank you for visiting our web site.
Excellent info thanks
Jag
Thank you Jag for checking out our site.
Thank you for visiting our web site
Thanks Paramjit, great job, my client is very satisfied.
Best regards
Michael Paranich – Home Life Miracle
Thank you for your comments.
useful information. thx
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