How to Find the Right Mortgage Broker in Waterloo

Property prices throughout Ontario appear to be stabilizing. Now may be the best time to get or refinance your mortgage. In this scenario, your best option is to reach out to a qualified mortgage broker in Waterloo. Given the large number of Waterloo mortgage brokers to choose from, we have put together some tips. These tips will help make the experience a more conducive one.

Costs Associated with Hiring a Mortgage Broker in Waterloo

There are no costs to hiring a mortgage broker in Waterloo. The mortgage brokers are paid by the lenders. While this may sound like you are getting a raw deal, it is not the case. The mortgage broker has access to a vast number of different lenders who are all vying for new mortgage clients. These lenders know that mortgage brokers have a pool of customers to draw upon so these lenders will give preferential terms to the mortgage broker in exchange for sending customers their way. The mortgage broker knows that the market is competitive, so they will try to get you the best terms to win your business. This is the proverbial win-win-win scenario where everyone benefits by working together for their own respective interests.

Questions to Ask Your Prospective Waterloo Mortgage Brokerage

We covered how mortgage brokers are compensated so that is a question you should bring up. Find out whether you have to pay anything upfront, if the mortgage broker asks for any type of payment upfront, you should leave.

  • How many lenders does the mortgage broker work with? The more lenders the mortgage broker works with, the better the odds you will get a great mortgage. Different lenders specialize in different types of customer profiles, so it helps to find the broker with the largest network.
  • Is the mortgage broker part of a well-established mortgage brokerage? This is a great way to find the “cream of the crop”. Give special preference to mortgage brokers that are part of a very well-establish mortgage brokerage so you can get the very best possible mortgage terms.

After you have worked through these steps, you will be in a good position to select the best mortgage broker in Waterloo.