A mortgage broker is a licensed professional who helps you select the mortgage product that best suits your financing needs by comparing mortgage products offered by a variety of lenders. They act as an intermediary between you, the borrower, and the lender. A mortgage broker can help you access equity, refinance current properties, purchase investment properties, and support your financial well-being.
Not all mortgage brokers are the same. Some brokers have access to a small handful of mortgage deals, while others have access to many lenders. Mortgage brokers vary as per the needs and the strategy of any real estate investor or potential home owner.
When choosing a mortgage broker, it’s important to consider their availability, whether they are full-time or part-time, and the number of mortgage lenders they have relationships with. You should also ask about their fees for services, whether you can get pre-approved for a mortgage, how the mortgage approval process works, and whether a fixed or variable rate mortgage would be best for you.
Before hiring a mortgage broker, you should ask questions such as:
- How are you paid?
- What type of loan would work best for us?
- Can you show us the breakdown for different down payment amounts?
- What are your hours?
- Do you offer a rate match?
These questions will help you get the best rate on your mortgage and ensure that you are working with a broker who is a good fit for your needs.