A mortgage broker is the medium who talks to banks and credit unions on behalf of his clientele. They’re the intermediaries between you and the folks offering mortgage products. As such they play a vital role in helping you decide which mortgage product you want, and whether or not you’re going to be approved.

There are a few qualities or characteristics that distinguish a mediocre mortgage broker from an excellent one, and when it comes time to choose a mortgage broker, it’s important to pay attention to these qualities. Keep in mind: not all mortgage brokers are created equally. The truth is, there are some downright bad mortgage brokers out there. Knowing about this list of characteristics will hopefully prevent you from deliberately hiring one of them.

The first quality is: are they certified or registered in your province or state? There are as many ways to register the services of a mortgage broker as there are states/provinces. The regulations are different depending on where you go. Because this is the case, you’re going to want to make sure whichever mortgage broker you choose is legitimate, by checking for their credentials.

Next, you want your mortgage broker to be confident. Confidence is something that’s needed in an intermediary or someone who is going to be your agent in the world of mortgage products. Confidence and a successful outlook are what will contribute to the mortgage broker’s ability to work on your behalf.

The last thing to watch out for is a mortgage broker’s track record, and willingness to work for a variety of banks. If your mortgage broker only wants to work with one bank, than it seems like they’re working more for the bank than they are for you. As well, a good mortgage broker will have a track record of matching up his/her clients with the mortgages they want. Don’t settle for less.

If you take your time when selecting a mortgage broker, and treat each step of the way like a process, you’ll ensure that you never regret your decision.

We’re a group of calgary mortgage brokers. If you want to learn more visit our office or give us a call at 320 Centre Street SE, Calgary AB, T2G 2B8. Phone #: 1-403-774-1422