Signs Of a Great Broker
The first step would be to go online.
Try and find one online and look at their social media check out their Web sites and check out their reviews.
Take it a step further and then give them a call and set up an appointment. Pay attention to how they’re talking, speaking with confidence. Are they asking you questions not just taking rates?
- where do you see yourself in five years?
- What is your financial goals?
- How do you want to structure this mortgage?
- Are you going to be getting an inheritance, money and/or property?
- Do you get bonuses as at work?
- Do you want a lot of prepayment options?
- Are you planning to move in the next couple of years?
- Do you want to buy and then sell it in three years?
- What are what are your plans?
If he’s not asking you questions that’s a red flag. Mortgages aren’t things that happen for six months there are not things that happen overnight and forget about them.
People tend to forget the mortgages are 25 year commitments, sometimes 30 year commitments and they’re law! You could be locked in for five years. To really understand how we’re going to structure your mortgage a mortgage broker should be asking these important questions and seeing what your goals are.
There is a multitude of different strategies. If your goal is to keep the apartment for three years then sell and buy a home. Why are we putting in a five-year fixed? That’s a huge question. We should be putting you in a three-year fixed and then worst-case scenario, after three years you want to keep the apartment and go longer we refinance and put you in another three years or two years or whatever the scenario is at that point. But trying to structure something that not only is going to fit you now but it’s going to fit you in five years from now is huge.
Let’s say you get a five-year term and then you want to sell in two years or three years. You have a penalty to pay. And it’s not a small penalty especially with some of the chartered banks. So, these things are what you should be looking at.
Maybe you were referred to a broker?
Ask the person that referred you the broker have they used them? How long have you used them for? If the person been going back to this guy every five years like clockwork or any time he needs a new mortgage or buys an investment property that is for a reason. Clients that go back every time to the same broker speaks volumes.
Social Media a huge asset to us nowadays.
I’m not saying rely solely on social media but take a look at their social media and see what they post. Can you work with this person because most likely you’re going to be working with this person for maybe a month, two months sometimes even longer.
BONUS TIP: Ask them questions!
See what their answers are. Are they answering it with confidence? Are they being honest. Are they trying to make up answers to not seem like they don’t know?
BOUNS TIP #2: Are they answering their phone?
Are they not picking up and then calling you two days later? Are they efficient/quick getting back to you? I understand people have busy lives and they’re busy brokers. But if they don’t get back to you within 24 hours of you either text, e-mailing, or calling them that’s not a good sign.
The internet is your best friend. It really is. Check online. You’ll have tons of recommendations and tons of reviews that you can look at and really see who you want to work with.