A New Look At What Makes A Great Toronto Mortgage Broker

How a few simple criteria could help people tell the difference between an excellent mortgage broker and the other kind...

StarBuzz Weekly, Toronto-Mar 02, 2011 – These days it can be difficult to know when a mortgage broker genuinely has your best interests in mind and when they are just trying to get their next commission. And with so many brokers available, knowing which one to choose can pose a particular difficulty to many people wanting to use their help to acquire a home loan. Luckily there are now a few guidelines and tips available to help everyday citizens distinguish between a mediocre broker, and someone who is really going to provide a quality service.
The first thing that people can look for is simple and something they should be looking for anyway, and that's accreditation. Good mortgage brokers belong to large third-party organizations that hold them accountable to a set of business practices, and ensure that they are providing a quality and legitimate service to those that they're working for. You should definitely find out if your broker has accreditation of some kind, and if so, with which company.

Next, those seeking mortgage brokers should check to ensure that their broker is independent. Brokers that aren't independent and are beholden to a single lending institution for mortgage products function more like salesman than they do like brokers. A good broker has access to a wide variety of funding sources, including private lenders and credit unions, allowing you to genuinely shop for the best rates, and not simply accept whatever a single institution is offering.

Finally a good broker should have a great reputation. Brokers that have a track record for supplying their clientele with excellent, satisfactory mortgages are the same brokers that will likely be able to do the same service for you. The trick is often in determining the true extent of a broker's positive rep, a feat which can sometimes be done using the internet, and neutral directories such as Google Places or the online Yellow Pages, where previous clientele will come to review the broker.

Using these guidelines, many in the area have been able to find a better mortgage broker than the one they were working with, proving once again that a little bit of knowledge can go a long, long ways.