Common mistakes when choosing a mortgage broker

In a country like Canada, where the real estate market is constantly evolving, working with a professional mortgage broker is not an option, but a necessity. Therefore, if you ever happen to need mortgage brokers Ottawa, you will discover that there are more options than you can count. A simple online search will reveal hundreds of options and positive testimonials, so whom should you choose? There are many factors that need to be taken into account and to ensure that your property is in good hands you should learn what mistakes to avoid.

Mistake no 1 – Focusing only on the title

If there is something that modern business persons like, that is adding as many titles as possible in front of their names. It looks good on their business card and office door and it will definitely attract new clients or inspire trust, but is this really a solid indicator of professionalism? Unfortunately, it is not. Titles are insubstantial evidence, so you shouldn’t hire a mortgage broker in Ottawa simply because of titles such as “senior”, “certified” and “official”. Sometimes, as impressive as they may sound, they only indicate that the broker graduated from college or that he has been working in the field for a certain number of years. Titles are not a clear indicator of professionalism, so instead of focusing on them, try to do some research and find out what experience and reputation the broker has.


Mistake no 2 – Choosing extremely busy brokers

Another mistake that people make when hiring mortgage brokers Ottawa is that they don’t do any research and they ask who the best broker in town is and just hire him/her. Having a good reputation means that the broker really is professional, but this might also indicate that the broker has many clients and not a lot of time. No matter what requirements you have, it’s essential to maintain an open and communicative relationship with your broker. The most popular service providers are usually very busy and you cannot even reach them on the phone. Communicating by e-mail can be effective in some cases, but you should work with someone who has the time to answer and counsel you.


Mistake no 3 – Looking for testimonials in the wrong place

Everyone knows that recommendations and testimonials are the best way to find out if a broker really is that good. But where to look for these recommendations? You will see some on the broker’s page, that is for sure, but there is no real guarantee that they were written by real people. If you want to read options online, look on forums, because those are closer to reality. Also, try not to base your choice only on what your friends and relatives say. Their experience counts too, but it’s better if you also get a solid piece of advice from a professional. Ask your lawyer, accountant or realtor for help, because they have more experience with this industry and will tell you what exactly you should be looking for.

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