29 Mar How to Tell If You Have a Good Mortgage Agent
Are all mortgage agents the same? How can you tell if you’re working with a good one? Today, let’s explore the signs that show you’re working with a great mortgage professional.
You feel heard and understood
When working with a good mortgage agent, you should always feel well understood. A good mortgage agent always takes the time to hear what their clients have to say.
As a client, you likely don’t know which mortgage will best meet your needs – if you did, you wouldn’t need expert advice! That’s why it’s so important to work with a professional who asks the right questions. They need to take into account many aspects of your personal and financial life in order to find the best mortgage for you. If they don’t take the time to learn about your needs, how do you know if their advice really suits you?
You feel your best interest is what’s most important
Is your agent making suggestions that are right for you? Or are they suggesting products that don’t meet your needs? If they are pushing products that force you to take unnecessary risks, maybe they are focusing on their bottom line instead of yours. A good mortgage agent will focus on your best interest. They won’t make meetings about them, or spend the time trying to upsell you on products you don’t need.
You feel well informed
Does your mortgage professional take the time to answer all of your questions? Do they make sure you understand the terms of your mortgage? Or do they simply tell you to “trust them” while insisting that they know what’s best for you?
A good mortgage agent should make sure you are well informed. They may offer you a few different mortgage options, but they should explain the pros and cons of each one. If you leave an appointment more overwhelmed than when you came in, maybe it’s time to try meeting with a different agent.
You feel confident in their expertise
A good mortgage agent makes sure all clients receive professional, unbiased advice. They need to have the proper qualifications, which include being licensed by the Financial Services Commission of Ontario (FSCO).
When working with a good mortgage agent, you should feel confident in their knowledge and expertise. You should walk out of an appointment with answers to your questions and with sound mortgage advice.
And above all, you don’t feel pressured
A mortgage agent’s job is first and foremost to work for their clients. They need to act as their advisor, their negotiator and their financial expert. Their integrity should be evident from your first conversation, to the signing of your final paperwork.
Ask questions. Double-check that your agent is licensed. Most mortgage agents are ethical, accredited professional, but there are con artists out there posing as mortgage experts.
As a client, you need to trust your intuition. Just remember, if something doesn’t feel right, don’t do it. You don’t want to fall victim tomortgage fraud.