Everything You Need to Know When Looking for a Waterloo Mortgage Broker

If you are reading this, there’s a pretty good chance you are interested in buying a home in Waterloo. Fortunately, we have compiled some important things to consider when trying to find the right Waterloo mortgage broker.

Reason You are Buying a Property in Waterloo

Why do you want to buy a property in Waterloo? Is it going to be your primary residence or will you be purchasing the property then renting it out? This is a decision you need to consider and discuss with you Waterloo mortgage broker. The mortgage underwriting requirements for the purchase of an owner occupied home is different than one for a rental investment property. Generally speaking, rental property mortgages are more stringent. But along side the help of a mortgage broker there isn’t any deal too difficult.

How to Screen a Mortgage Broker in Waterloo

Start by finding out how many years the mortgage broker has been working in Waterloo. Give preference to those that have been in business for a long time. But being in the city for a number of years helps too. Once you have worked this out, you can start assessing their respective track records.

  • Client Testimonials. Take a look at the testimonials that were posted by clients of the Waterloo mortgage broker. Read over the feedback carefully and note any comments about problems after the mortgage was successfully funded. There are hiccups that can happen with any real estate transaction but give preference to the mortgage broker with the greatest percentage of positive testimonials.
  • How Reputable is the Mortgage Brokerage? Aside from looking at the testimonials attributed to the prospective Waterloo mortgage broker you are assessing, take a look at the brokerage. If the mortgage brokerage does not have a great reputation, it would be wise to steer clear of the broker as well. You want peace of mind knowing that you are dealing with the “best of the best” when it comes to mortgages in Waterloo.

Once you have completed these initial steps will you be able to identify the Waterloo mortgage broker that is best suited for your real estate needs.