Just as home loans differ, so do the professionals who create them. A good mortgage broker can save Canadian home buyers a lot of money. On the other hand, a poor agent can make the process a nightmare. This is why financial experts encourage borrowers to shop around for a mortgage.
The best mortgage brokers Saskatoon has to offer have relationships with multiple lenders. This gives them access to many different loan products, including special programs that are not available to the public. Not every lender can close a transaction, so a mortgage broker needs program diversity. Most agents work with several dozen wholesale investors.
When borrowers shop for a mortgage, they should look for a broker who has time for new clients. It is essential to learn all they can about a borrower in order to find the best mortgage rates Saskatoon can offer. The best brokers spend time with their clients and dive into their financial goals.
It is also a good idea to choose a brokerage firm that employs experienced loan originators and processors. Sky Financial Corporation is one example. Brokers should be well-versed in government insured loans since they make up a large portion of available mortgages. Experience, reputation and communication are also important in a mortgage broker.
Communication is more important than ever, especially after the housing bubble burst. The paperwork required for a home loan increased significantly in the years since, which makes good communication essential. Poor communication is a red flag for borrowers.