There are numerous reasons that mortgage applicants can benefit from using a mortgage broker. From saving money to helping them choose the right mortgage deal to suit their special circumstances, mortgage brokers can make the process of getting a home loan much easier. Let us take a closer look into how you can get access to the best direct mortgage lenders.

What Is a Mortgage Broker

A mortgage broker can be described as an intermediary that helps match mortgage applicants to the correct mortgage lender. They can even get their clients a deal depending on their exclusive circumstances. The broker often charges a fee to the applicant, the lender, or sometimes both to pay for their role in the loan arrangement process. In return for this fee, the broker is able to offer the mortgage applicant expert advice. This advice is particularly helpful if the applicant has special circumstances that necessitate expert advice that a standard lender would be unable to offer.

Why Is It a Good Idea to Get Expert Advice from a Broker

The advice that professional brokers can offer is extremely valuable when it comes to choosing the best possible mortgage. Most mortgage brokers have been actively working in the industry for a long time. They have an expert team of experienced advisors who know every aspect of the current mortgage and remortgage market. Every mortgage borrower has an exclusive set of characteristics that suit a specific kind of lender; the job of the mortgage broker is to match these individual needs to the most appropriate mortgage lender. Mortgage brokers understand and explain in detail how a specific lender can be the best option for a borrower based upon the borrower’s financial and unique situation.

When Should You See a Broker

If you’re in the market for a mortgage, then one of our mortgage brokers at Kal-Mor Mortgages can help you assess the best possible options that are available to you. A broker will provide you with expert advice in order to help you make the right decision that fits you best, since this is one of the biggest financial decisions of your life. Instead of conducting all the research yourself, talking to a mortgage broker regarding your requirements and finances will expedite the process. As we acknowledge that each applicant is unique and has different needs, our brokers will take the time to understand your situation, and advice you based on your circumstances, and find the best deals for you that align with your goals.

What Kind of Mortgage Brokers Are There

There are three main kinds of brokers. Some of these brokers only offer a minimal set of deals, some are tied to lenders, whereas others are whole of market brokers. Some of these brokers may state that they are whole of the market, yet they will not check the deals that are direct only. Therefore, it is crucial that you find out the array of lenders that the brokers will check on your behalf. At Kal-Mor, our vast network of lenders enables us access to over 45+ unique lenders so you can be sure that we’ll find the most fitting deal for you.

Important Questions You Should Ask a Mortgage Broker

When it comes to choosing a mortgage broker, there are some important questions that are going to help you ascertain whether they are best suited to your needs. These questions include the following:

Are you whole-of-market?

If the mortgage broker you choose is whole-of-market, they are going to have access to all the available mortgage deals on the market. Thus, they are most likely to help find the best deal for you.

Will you tell me about the mortgages that are just available from lenders directly?

If you do not ask the broker this question, they probably will not tell you whether or not they make it a point to check the deals that are directly from lenders. Therefore, it is important that you must ask this question as you could miss out on deals that are available only through direct lenders. Our network consists of all types of lenders, from institutional to private to direct.

What are your fees and charges?

Mortgage brokers operate differently when it comes to their fee. Mortgage brokers will typically let you know whether this is a flat fee, a percentage of the mortgage, or if they will charge a commission. Our mortgage brokers in Vernon will tell you exactly what they are going to charge.

What exactly is included in the services you offer?

One of the best advantages of using a mortgage broker is that they are going to take on the legwork and the heavy lifting for you. This ranges from shopping around for the best deals to handling the admin elements on your behalf. When you are in the process of deciding which broker to work with, it is important to clarify what services they offer. Some brokers only offer the minimal while others will go the extra mile. With our 45+ years of experience in the industry, you can be sure you’re in good hands.

When will you be available?

This can be an important question, especially if you wish to get your mortgage in place as soon as possible. Some of the time it’s not safe to assume that the mortgage broker is going to be able to start working on your mortgage search right away. They might have other clients they could be working with, which is why you may have to wait until they find the best mortgage for you. At Kal-Mor, our diverse team of brokers is always available to hit the ground running when you are.

Choosing the Best Mortgage Broker

Some of the main factors you must consider are whether they are a whole-of-market broker, their reputation, their experience, and their pay structure. If you make it a point to ask all the questions we listed above, this should give you a better understanding regarding the services they will offer.

Some mortgage brokers operate through a website-based service only. Therefore you should also decide whether you are happy to work as per the services they offer and the manner in which they operate. A perfect way to see whether the mortgage broker you are thinking about hiring provides exceptional service is to take a look at the customer reviews on their website or social media platforms. This reflects the experience that real clients have had with them, and can give you an understanding of what you can expect if you choose to work with them.

If you’re in the market for any type of home loan, whether you’re buying a new home or your existing mortgage is coming up for renewal, give us a call at 250-549-3250 to see how we can help you get the perfect mortgage that you deserve.