How To Find A Reliable Mortgage Broker In Vancouver

Because obtaining a loan can take time and effort, you want to find the most reputable lender, lowest fees, best rates, and a mortgage program that meets your needs. A mortgage broker, who is a third-party professional connecting you to a lender, can take this burden off your shoulders. 

In 2021, the global loan brokers’ revenue was USD$251 billion and was forecasted to reach USD$1,061.79 billion by 2031, with a compound growth rate (CAGR) of 15.7% from 2022 to 2031. These statistics show that many people are employing the services of mortgage brokers. 

A broker can take care of everything for you, such as looking for a deal, interacting with the lender, and applying for the loan on your behalf. Additionally, they may have better access to lenders. Some lenders work exclusively with brokers and depend on them for trustworthy clients. They can even offer lower rates than you can get because of the number of clients they deliver.

Keep reading to learn some tips on finding a reliable Vancouver mortgage broker:  

• Research

Numerous mortgage brokers are available in Vancouver, each with a different industry experience, portfolio, and lender partnerships. So you’ll need to do your research to find the most suitable broker. Here are a few steps you can take:

• Read online reviews: Reading online reviews on a product, business, or service has become a norm for most people. In 2021, approximately 70% of online shoppers read between one and six client reviews before making a purchase. By checking out reviews, you get to have first-hand information about a particular broker.

Customers can give testimonials on their experience working with a specific broker, how long it took to obtain their loan, the broker’s ability to complete the job, and how they dealt with some stumbling blocks. 

• Ask friends and family for recommendations: Another effective way to find a reliable broker is to ask friends and family for some recommendations. Ask them if they have ever worked with a mortgage broker, what their experience was like, and whether they’d recommend one. 

People you trust will be honest about whether they liked a specific broker and the impression they obtained from working with them. They may even share some valuable information about a broker’s personality and expertise—which you may not find in reviews. 

• Get referrals from a real estate agent: Since real estate agents receive a commission when they sell a property, they’re more likely to work with reliable brokers that can close the loan on time. You can ask them to refer you to a broker who works with buyers. 

When you do your research, you’ll be able to narrow down your list of brokers and make the best possible decision.  

• Make comparisons

After researching and creating a list of some of the best mortgage brokers in Vancouver, compare your choices before making your final decision. You can consider the following factors while comparing them:

• Services: Some mortgage brokers can offer services online, through face-to-face meetings, or combine both. Consider what works for you and go for a broker that meets your requirements. 
• Fees: Most mortgage brokers in Canada work on a commission, and in most cases, lenders pay the commission fee. A mortgage broker’s commission varies between 0.5% to 1.2% of the total mortgage amount but depends on factors like the term and type of loan. 
• Experience: Check whether a particular broker has worked with people with similar situations like yours and if they have experience obtaining your loan type. 
• The lenders they work with: Sometimes, you may have preferred lenders. In that case, search for a broker that works with them.

After you’ve made your comparisons, choose a broker whom you think fits the bill.  

• Check the availability

Your plan is among the most crucial things to consider when finding a reliable mortgage broker in Vancouver. If you’re in a hurry to buy a home, pick a broker who is ready and willing to work as soon as they can. Find out how quickly a broker can start working on your case and how soon they can complete the application process. 

You should also look into their clients and the number of clients they can handle at a time. Anyone with their hands full will be unable to provide the attention you require if you want to buy a property soon. 

Verify their working hours as well, so you know which broker can work around your schedule. For instance, if you’ll only be available during weekends, find a mortgage broker who can talk to you during your free time.

Conclusion

A reliable mortgage broker makes the application process more seamless. They have been in the field for a long time, so they know the best lenders that offer the type of mortgage you require. Plus, they have the flexibility and expertise to meet your needs. Although there are many of them in Vancouver, you’ll easily find one you can trust by applying these tips.