Ten Questions To Ask A Mortgage Agent
If you’re looking for a mortgage in Hamilton, ON, it’s crucial to pick a reliable professional with optimal solutions. Finding a suitable mortgage on your own can be challenging if you have limited experience in this field. Moreover, making the wrong choice will directly impact your financial stability and living standards. Therefore, it’s essential to choose a mortgage agent who you can count on to help you with your mortgage needs.
However, if this is your first time choosing a mortgage broker, you may find it difficult to screen through the different agents to find the best one. To make the whole process easier for you, we’ve outlined ten valuable questions to ask a mortgage agent. During your initial consultation, ask these questions to help you figure out whether the agent is the right fit for you.
1. Is finding a low-interest rate your top priority?
While finding a low rate of interest can reduce the pressure on your finances, it should not be your mortgage broker’s top priority. What an agent needs to prioritize while choosing a mortgage is your requirements and whether the mortgage option fits your financial situation.
2. Are there any particular banks that you prefer?
Mortgage agents must be unbiased and should not favor lenders when helping you choose your mortgage. Instead, they should be concerned about finding you a lender who can meet your needs without making you compromise too much or at all.
3. Why shouldn’t I take a day off work and talk to banks myself?
When you personally go to a lender, especially banks, your credit records are pulled to assess your credit score. Every time your records are checked, your score is negatively impacted, and this can put-off lenders. On the other hand, when agents engage with lenders, they pull your records only once and create a file that is shown to different lenders, thus keeping your credit score intact.
4. Can I use your services and also shop on my own?
It’s best to avoid shopping on your own as we’ve mentioned that you could damage your credit score. Besides, mortgage agents know the lending market better and can smoothly guide you to the best lenders for your needs.
5. How do I know you’re on my side?
If you are skeptical about a mortgage agent’s services, ask them to connect you with their previous clients to verify their service quality.
6. Why should I use your services and not any other mortgage broker?
Most mortgage brokers will claim that their services are free, as they receive their payment through lenders. But, what really makes a broker the right choice is their service quality, access to diverse lenders, and ability to support you throughout your mortgage journey.
7. Do you promise that I will get an approval?
Mortgage agents cannot promise you an approval, but they can guarantee to do their best to prepare your application appropriately. That means they are willing to take the time to repair your credit and help you collect the necessary documents.
8. My bank is always nice to me - why shouldn’t I go with them?
Banks usually fall under the ‘A lender’ category, and their terms and conditions can be very rigid. At the same time, their main aim is to make a profit, which means lower benefits for you as a borrower.
9. Can you pay my expenses?
If you’re looking to consolidate your debt (for example, credit card debt, student loans, etc.), you can ask your mortgage broker if they offer debt consolidation mortgages to help streamline your debt payments.
10. If I choose your services, do you meet me when it’s convenient for me?
Acquiring a mortgage is a tedious process, and once you obtain it, you still require the guidance of an expert. If your mortgage agent is around throughout your mortgage journey, they can help you take advantage of better mortgage terms, interest rates, and more as your needs change.
If you’re looking to consult a reliable mortgage agent in Hamilton, ON, reach out to Victor Matos – Mortgage Agent – Insurance and Investments Advisor. I am here to help you understand the different mortgage options that suit your needs. I walk you through the whole process, help you prepare your paperwork, and support you post your approval as well. I am a certified insurance and investments advisor, which gives me an added advantage over other brokers when it comes to your financial management and credit score improvement.
I currently service clients across Hamilton, Oakville, Burlington, Binbrook, Ancaster, Brantford, Caledonia, Grimsby, Stoney Creek, Cayuga, Dunnville, and St. Catharines, ON.