HOW DOES IT ALL WORK?

The broker makes contact with different lenders. From there, it is just a matter of negotiation. After the agent gathers up all possible deals, those deals will be brought back to you. You will be presented with said deals, from which you will choose one.

The mortgage broker will also help you to understand the process, how it will all work, and offer suggestions based on the information you provide. This information is usually financial in nature, but there may be other questions you need to answer so the agent can work more efficiently.

FOR WHAT SHOULD YOU BE LOOKING?

While you might be tempted to be content with just finding an agent and hiring him/her to work your mortgage process for you, it is advisable for you to shop around. All mortgage brokers are required to be licensed to perform their duties.

The thing you should look for the most when searching is AMP, which is an accurate title given to those who have met all mandatory qualifications. AMP stands for Accredited Mortgage Professional. Any broker that carries this title is reputable to a degree.

LAST BUT NOT THE LEAST

Using a mortgage broker to get things done for you is certainly a viable option. They are quite useful especially if you have no clue as to what you are doing with getting a mortgage started.

Brokers can expedite the process, and they may be able to get you rates lower than you could find by talking to lenders directly. Many brokers have a relationship with some financial institutions, making better deals possible.

Dealers can take away many of the headaches that come with getting a mortgage deal done, so going this route may be the best option for you.

OTHER THINGS TO LOOK FOR

Aside from the AMP title, you should find an agent that is experienced and has an excellent reputation with clients. You can ask to talk to other customers or just ask around to see if the broker you are thinking of hiring is going to treat you right.