Selecting Mortgage Broker in Mississauga
“Best Practices For Selecting a Mississauga Mortgage Broker”
First of all, if you’re looking for a mortgage product for a new real estate purchase or refinance, it makes a great deal of sense to utilize the services of a mortgage broker.
For most residential mortgage programs, the lender is going to pay the broker for any fees resulting from placing a mortgage, so you get the benefit of their expertise without incurring any cost.
This allows you the ability to shop the market and get your application in front of mortgage lender you may not otherwise be aware of. Even if your bias is towards your existing bank or lending institution, the advantage of working through a mortgage broker is that you can quickly compare what the overall market has to offer compared to the programs from one source.
As much as your existing bank or mortgage company is always going to want to keep you, the reality is that they may not have the best offer at a given point of time which can cost you money in the long run.
So back to selecting a Mississauga mortgage broker, assuming you’re from the Mississauga area.
The first thing to consider is the type of mortgage product you’re looking for. Is it a residential mortgage, commercial mortgage, construction loan, etc. While all mortgage brokers are licensed to provide all these different types of mortgage products, not all mortgage brokers and mortgage agents are automatically going to have a focus or experience with the type of mortgage you require.
The second thing to consider is the category of mortgage that you’re likely going to qualify for. If you’re credit is significantly strained, or you need to arrange a fast mortgage closing, then a private mortgage may be the best fit for your needs. Not all mortgage brokers will have access to private lenders and even many of the ones that do may still not be able to either meet your requirements or provide the best available deal.
The third consideration is your comfort level with any particular individual. While the first two criteria are always going to be important, don’t over look the importance of working with someone that you trust and feel confident in their approach and abilities. Other than just listening to you’re own instincts, you can also ask for references and follow up with past customers to get a first hand opinion of what others found when working with a given individual.
If you are looking for mortgage assistance in the Mississauga area, I recommend you give me a call so I can quickly assess your requirements and provide relevant mortgage options that we can go over together. If I can’t help you, I’ll tell you right away so that you don’t waste any time as well.
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About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel