How to find a great broker
Your mortgage broker will be your match maker for your loan. They analyze your financial situation and then find a lender that best fits your needs. Your broker submits your application to one or more lenders, finds you the best rate, and works with the chosen lender until the loan closes.
Your mortgage broker will work to find you the best rate, so it's important to be transparent with them about what you are willing to accept. Then let them tell you what terms they can secure.
Finding a good broker
There are a couple of ways that you can find a good mortgage broker. After all, a good mortgage broker = better rates for you! Here are our suggestions:
- Ask your friends and family. If you know someone who has recently purchased or refinanced a home, they may have a name and phone number for you.
- Ask your realtor. Your realtor likely has brokers that they have worked with in the past and may have developed relationships with them in order to help their clients with financing.
How to know if you've found the right broker
- Your broker asks you about your budget and rate preferences. The right broker will work within your budget and lifestyle choices to find you the best options.
- Your broker can explain your options clearly. A good broker should present you with a number of options and clearly explain their reasons for recommending specific loans. They should not pressure you into selecting a loan.
- Your broker has a wide selection of lenders. Brokers can have a wide array of lenders to make sure their borrowers get the best loan. A good broker will have a wide range of lender partners and will regularly draw on the full range, depending on the borrower's circumstances. If a broker has a limited number it can be a red flag that suggests they're focusing on a small variety of lenders and could be limiting your options.
Still have questions?
Find our most frequently asked questions here.