Mortgage Agents act as company representatives. They are responsible to bring clients to lending companies. They facilitate transactions and communication between client and company. They help you connect with lenders, find best rates, get pre-approved and apply for a loan.

A Mortgage agent with good reputation working with Toronto market, helps you find best mortgage and terms that fits your income even with bad credit score. Their relationship with you ends when transaction process is complete.

Follow these guidelines to find best agent for real estate investment, trade up, refinancing and buying new home in Toronto market.

1.Look for a Whole Market Broker

Some lenders work only through agents. A whole of market agent helps you find all the available mortgage. This gives a variety to perfect mortgage to choose.

Agents or brokers understands lenders criteria and preference. This helps find suitable mortgage easily. Avoid agents working with only one lender. They only tell their own product range.

2.Find Out Payment Mode

Find out how each agent is paid. This helps find if they are biased to certain lenders. Avoid agents paid per mortgage. They direct you to specific lenders with no suitable deals.

Some agents work on commission of loan paid. They steer you to higher mortgage to increase their earnings. Your agents should outline all fees and commission. This helps choose the cheapest agent.

3.Lenders They Work With

Ask your agents the list of lenders they work with. This helps you know their pool size. Large pool gives wide array of lenders. This helps find the best suitable deal and cheapest.

Be suspicious to agents and lenders who advertise rates that are not really and don’t reflect current market rates. The mortgage market rates are liquid and change every day.

4.Speak to Their Former Client

Ask the agent to give details of their former clients. This helps hear testimonials from clients. Ask how the broker communication was, if the loan was worthy, fees charged and their availability. Available agents take enough time to get the best lender.

Avoid agents who hesitate to give details. It shows they are uncomfortable. Good agents offer aftercare services to their clients. This helps for your future mortgage or other financial needs.

5.License

The agent should be licensed and legitimate. License helps assess reliability of the broker. Licensed agents meet necessary level of mortgage training and understands the business well. This helps you trust them.

Licensed agents ensure you get right loan product for your circumstances. So that you don’t end up in financial crisis. Visit national wide licensing website. If they don’t appear in the list, then the agent is working illegally.

6.Reviews of Potential Clients

Choose agents with good review from potential clients. It shows their clients are satisfied. Check reviews in their websites, social media platforms, Trustpilot and Google.

Don’t be 100% sure of the review’s validity. They may be written with persons who have personal issues or those with vested interest. Look for threads within reviews. If negative or positive reviews pops up continuously in multiple reviews, then trust it.

7.Compare Fees

Hiring mortgage agent adds more cost to your preferred mortgage loan. This reduces amount of saving from the whole process. It’s useful to compare rates from different agents. It helps you find the cheapest agent with best services.

Comparing prices helps you find out mode of fees payment. Some agents are paid by lenders and others add their fees to the cost of mortgage. Look for mortgage agent that is paid with your preferred method.

8.Trust Your Feelings

Vet agents based on their services, reputation and payment. This helps you remain with few to choose from. When choosing always trust your instincts. If you feel the information, they give is not helpful, consider a different agent.

Try to Find a trustworthy agent with best prices and services matching your needs. This makes the whole process smoother. Shop around and compare for a perfect match.

9.Research Agents Online

Most agents have online platform either individually or as an established firm. You find their reputation and reviews in this platform. Try to find agents with positive reviews from the reviews.

Search for their closing times, loan success, customer services and their communication to clients. This gives idea on how helpful the agent is.

10.Recommendation From Friends and Relatives

Ask your friends and relatives if they can recommend agents they worked with before. Close people give clear impression of working with the agent.

Friend and relatives give agent professionalism or personality. You can’t get this from online reviews. This helps you make clear decision. If the agent pushed them to a certain lender, treat it as a red flag.

11.Referrals From a Real Estate Agent

Real estate agent is a good resource for best mortgage agents. They understand the type of mortgage that fits your needs. This helps them recommend brokers working with suitable lenders as per your requirements.

Real estate agents have long term relationship with mortgage agents. This helps them make trusted recommendation based on professional interactions.

12.Meet Agents in Person

Its important to meet mortgage agents in person. This gives you an idea of their future services. It also gives you an opportunity to ask important questions. It helps determine if they are updated on current mortgage rates.

Meeting in person allows you gage how attentive they are. It determines if they answer question attentively and clearly as per your concerns.

Before seeking professional advice, find out how much you can afford. It helps you compare numbers given by the agent and choose the best.

Seek financial advice before doing large purchases. They help you make sure large purchases don’t conflict with your long-term financial plans. Avoid using your credit card three months prior to mortgage loan. It helps increase your credit score. Positive credit score helps lenders trust you. Getting a mortgage agent is a tiresome process, making this effort saves you time and money at long run.

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