When asked about the usefulness of mortgage brokers, people seem to completely different opinions. On the one hand, there are the homeowners that praise them and would never approach mortgages without their professional help. On the other hand, there are the ones who have really bad experiences with them or have heard so many negative things that they refuse to hire them. the fact is that mortgage brokers can really help you but, as it happens in just about any field of activity, misunderstandings and lack of communication and ruin your collaboration. Sometimes, problems are not caused by a broker’s incompetence, but by the client’s hesitation to ask them essential questions. Here are the top questions you should ask your mortgage broker Gatineau before hiring them.
First of all, as a client, you probably expect your broker to be attentive and communicative. However, this is not always possible. When you work with large mortgage companies, you have to be aware of the fact that they work with a lot of clients and can’t discuss in detail with all of them. You will have to ask them in advance how available they are and if they prefer emails and phone calls to face to face meetings. If the answer is yes and you don’t like that, it’s best if you choose a smaller, independent mortgage broker who might not have that many clients, but that can provide better customer support. Being reluctant towards working with a smaller broker is understandable, but you can get rid of doubts by asking two simple questions: for how long they have been in business and if they can refer you to some of their previous clients. If they have been in the field for at least 10-15 years and their clients have words of praise, then there is no reason why you should not trust them. An honest person will be willing to answer all your questions and clarify all your dilemmas.
A detail that clients overlook when talking with a broker is their loan commitment. Unfortunately, it is common practice among many advisors to promise the client a certain loan rate, but the lock this rate at a different time, so that they can make profit. The best way to avoid this is not by verbal agreement, but by a legal letter of commitment. This way, in case your broker fails to lock rates at the established time, you will have a way to get your money back. Last, but not least, in order to avoid misunderstandings, you have to tell the agent you are working with exactly what you are looking for and what your realistic financial possibilities are. Do not over evaluate your financial situation, because you will have trouble paying the loan in the future and it will not be the broker’s fault for recommending it. Brokers are flexible and are able to help you, but you have to be honest and understand that they cannot do so if you hide things from them.