How to Tell if Your Mortgage Broker is Right for You

One of the best parts of hiring a professional is the fact that it’s fair to expect equally professional results. After all, you get what you pay for and more often than not, mortgage brokers are extremely capable – and are paid a premium for it.

However, no one is perfect and when it comes to all the complexities of maneuvering around contacts and markets, some of the more inexperienced brokers can make mistakes. This becomes increasingly apparent the more contact you have with your mortgage broker, which means that there will be some signs that the person you’ve hired might not be right for you.

Are they connected with other quality brokers?

The easiest way to tell if your mortgage broker can offer the best advice is if their network of contacts is extensive. While you might not be able to track each and every individual, one of the best ways to do so is to enquire if your broker happens to be a part of a larger organisation – perhaps one with a sterling reputation. Since most respectable brokers rely on their contacts to get the job done, you’ll find that more often than not they will be a member of a great number of different groups that all help each other succeed.

Are their communication skills up to par?

The more contact you have with your broker, the more you’ll come to realise one of two things – either they speak very well, giving you a sense of confidence necessary in their field of work, or they don’t. This is another relatively easy way of figuring out whether or not your mortgage broker is up to the task. If they can’t convince you that their communication skills are up to par, then how can they possibly garner the right information from their network of lenders and contacts? Convincing a lender is a very big part of applying for a mortgage, so your broker’s ability to communicate is directly tied to their success.

Not all brokers are created equal

Remember that this is your mortgage, and that you are paying this individual to guide you in making the best possible choice. If you aren’t confident about the advice they give, then it’s best to simply get a second (or perhaps third) opinion. Oftentimes you’ll find people that are unsure of their broker’s ability to get the job done end up with a sub-par deal.

Similar to how a broker searches the marketplace for the best deals, you need to be able to do the same with them. The best decision you can make doesn’t start with the right mortgage, but getting the right professional mortgage advice to start with.