Many people want to know how to find a mortgage broker. The first fact that you must realize is that all brokers are not equal; they all have various strengths and weaknesses. You may be thinking “I need a mortgage broker”, but first you need to clarify exactly what type of loan you are looking for, then you can choose the best broker for your needs.
Here are the most common types of loans
- A second mortgage is a loan that is registered on title and is behind the first in priority of payment.
- A debt consolidation loan is used to combine various credit card debts into one manageable payment.
- Commercial funding is for businesses, retail plazas, commercial buildings, etc. and usually requires more specialized services to arrange funding.
Let us assume that you need a mortgage broker in Ontario for a debt consolidation loan. (We would like you to call us first but you can look up many brokers on the internet or through the yellow pages). Talk to the broker and ask some of the following questions;
- Do you arrange debt consolidation loans?
- Can you get me the mortgage I need?
- How long will it take to get my money?
- What kind of interest rate will I pay?
· – Are there any fees? The broker should also ask you questions related to the value of your home, how much you presently owe on the property , what do you need a mortgage for and how much money you need. They should be able to give you a general idea of whether or not the funding can be arranged with the information provided. If you are turned down do not panic, there are many other mortgage companies that may be able to get the funds that you need, just call them. The broker should also check your credit score to ensure that the information is accurate, the broker can arrange for any corrections to be made to your credit score. The corrections should improve your present credit rating, the broker may also be able to provide credit counseling which may improve your credit score in the future.
Remember that finding a mortgage broker will take some time and effort on your part. You should have ready as much information as possible including any documents. Try and ensure that there are no surprises such as a lien on the property; surprises will slow down the process.
The paper work related to the loan in most cases should be handled by a lawyer. You will be signing a legally binding agreement that allows for a charge to be applied to the title documents. You or anyone else who does a title search on that property will be able to see the information. The charge will remain on the title until it is discharged or paid off.