What to look for when choosing a broker

When you first decide to enlist the services of a broker, there are some things that you should look out for. Choosing a broker could potentially save you a lot of money and help you get the best possible deal for your mortgage. Most people will have a relationship with their broker for several years, and in some cases the broker will help you with more than one mortgage. It’s essential that you choose a broker that genuinely has YOUR best interests at heart. So here are some tips to help you find the right broker who you can have a long relationship with.

Choose a broker with experience

The best brokers have extensive experience which will help you when you’re searching for a mortgage. They will be able to make recommendations based on similar situations to your own. They can also offer guidance that is supported by real life situations. A broker with experience has typically been in the field a longer time and will therefore have excellent negotiation skills. An experienced broker with great negotiation skills will be able to help you get a better deal than one who is inexperienced. This is because they know the tricks of the trade. Not only do they have greater knowledge, they also have the connections that a new broker won’t necessarily have. Connections in the industry mean that if you have an urgent request, the broker has a higher chance of getting the loan approved faster. A broker with experience is generally more credible and it is likely that they will have more testimonials and a proven track record.

Select a broker with testimonials

When you’re looking for a new restaurant the chances are high that you would go online and look for reviews. When you’re making the biggest financial purchase of your life, you need to do the same. A good broker will have testimonials and reviews that are publicly available on the internet. If they don’t have a testimonials section on their website then it’s either a sign that they haven’t had a remarkable success rate with clients, or that they’re new to the field. There may be exceptions though, and you should feel free to request testimonials. A good broker will be happy to provide these on request. The testimonials should come from existing clients, not just friends or family members.

Choose a broker who has their eye on the long-term picture

In the short term your plan might just be to get a mortgage to buy a home, but why is it that you want to buy a home? Do you want to secure your retirement or do you plan to add to your portfolio? These are questions that a good mortgage broker will ask you. They’ll consider what it is that you want to achieve, both short and long terms, and recommend appropriate options that will help you achieve those goals.

There are so many other things that you should look for when you’re considering a broker, but these are the main ones. If you’d like to discuss your financial position with one of our team members, then feel free to contact us.