How Do I Find a Mississauga Mortgage Broker?

You have decided to set up a new mortgage because you have either found a new home or you need to re-mortgage.  You need to find a mortgage broker so that you have the benefit of the best possible mortgage loan.  So how do you find the perfect Mississauga mortgage broker?

Well asking your family and friends to recommend a good Mississauga based mortgage broker is a good idea.  Asking your Realtor or real estate agent is not such a good idea.  The later is more likely to recommend a mortgage broker that they have worked with before, but their choice might not be independent or unbiased.

Most people find their Mississauga mortgage brokers by using the internet.  A quick search engine search will bring up several options for you – but how do you choose?

Experience and contacts are always useful in the crowded mortgage market.  Look for this on the web sites.  Also look for companies that specialise in mortgages as opposed to having them as an add-on to their main service offering.  You may find that they outsource this work to a mortgage broker and then take a commission for this work.  Guess which pocket that commission comes out of!  

Most Mississauga mortgage brokers make their commission from the commissions paid by your chosen lender.  These commissions range from 0.1 to 1.0 per cent of the amount borrowed and one of the main questions you should ask your broker is what commission they will be taking.  This amount will be invisible to yourself as it is part of the interest you are paying in your monthly mortgage payment.  However it is a payment you are ultimately making and you do not want to pay more than necessary.  Nor do you want your choice of mortgage lenders to be restricted to those companies that will pay your Mississauga mortgage broker the highest commission.

The most important questions to ask your broker are about their experience in mortgage brokering as well as the number of mortgage lenders they deal with.  The more experience and contacts they have, the wider your choice of mortgages will be.

The last major question you should ask is about their experience and accreditation. The Canadian Institute of Mortgage Brokers and Lenders (CIMBL) offers a qualification called the AMP (Accredited Mortgage Professional) which is a recognised qualification showing proficiency and good ethical working methods.  Your Mississauga mortgage broker should possess this accreditation.

Find the right Mississauga mortgage broker and they will find you a good mortgage that will meet your needs without you being stressed.  Seems a great idea.