| How do you choose your mortgage consultant? - Courtier hypothecaire |
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Finding the right mortgage is like running a cross country race; it is a long, arduous process and you will need help along the way. Like the helpers offering water along the race route, your mortgage counselor (courtier hypothecaire) will help you through this struggle by getting the best strategy for you. Finding this strategy is an important step that will have an impact on your savings for years to come. Finding a good consultant is easier than you may realize. Its a little like hiring an employee to work for you. Like a long term employee, your mortgage counselor will be there to help you, even if you plan to pay off your mortgage in 15 or 25 years - courtier hypothecaire. Here are certain factors to consider that will help you to find a good mortgage consultant: Three types of mortgage counselors The three kinds of mortgage consulants come with their own set of benefitsand weaknesses: • Bank representatives This type of counselor only shows you the loan products his lending institution has. He is also responsible for other banking duties than just formulating a loan strategy for you. He is paid a salary by the bank, and he may get a bonus if he has a lot of loans. These bank representatives act as mortgage consultants. They are the people who submit the mortgage application to the bank. But today, there have been changes that let lenders offer their mortgage products through mortgage brokers or mortgage marketers. The bank representative offers mortgage products for the institution he works for. • Mortgage marketing agent. They can only offer loans, and they specialize in home loans. The lending institution pays the mortgage marketer - courtier hypothecaire. In order to serve their clients, banks now use local representatives. The marketing agents can go to the client to make it more convenient, but they still work for the bank or other lender. Just as a mortgage broker is paid a commission by the bank, a mortgage marketer is paid a commission for each loan he brings to the bank. • Mortgage brokers: Offer the products of many lenders and specialize in mortgage loans. They work only on commission (paid by the lender). Mortgage brokers have existed for thirty years, but have only become a big factor in the mortgage market over the last few years. Mortgage brokers (courtier hypothecaire) work closely with many lenders (more than 30) in order to offer the best solution to their clients. Today, there are over 12,000 mortgage brokers in Canada who represent 27% of the market. Factors to consider when choosing a mortgage consultant You have to choose a mortgage counselor that you will have confidence in. Two elements will help the client to gain confidence in him: • Integrity: Is the consultant working for you or for the bank? Remember that there are two sides to a loan, and the lender wants you to pay the most so he can make money, and you want to pay the least so you can save money. If a counselor (courtier hypothecaire) has to make money for his employer, the bank, can he also save money for you, the client? • Expertise: The counselor (courtier hypothecaire) you work with should be able to examine all of the mortgage options that are available. Make sure he can understand and offer the exact product that will meet your needs, and not be limited to one mortgage. These two factors, integrity and expertise, will be the most critical things in choosing a mortgage consultant - courtier hypothecaire. Look at these examples: • Perhaps there is a super used car salesman in your town. He is great at selling used cars, but do you have confidence in him? It certainly depends. • You may have a great auto mechanic, but can you ask him to repair anything else in your home just because he is mechanically minded and he can fix cars? No, he has no expertise in those fields, no matter how good an car mechanic he is. Make sure you make the right choice. How to describe confidence? It is merely a feeling that you can develop when you can see that the person indicates to you that he has integrity and can show you his expertise. You will be working with your mortgage counselor for many years, so be sure you have someone who is acting on your behalf. - courtier hypothecaire About AuthorGregory is an Accredited Mortgage Professional (AMP) with Mortgage Intelligence. If you need more information about Mortgage broker - courtier hypothecaire, visit: Hypotheque - Mortgage IntelligenceSource: ArticleTrader.com Read more at: http://www.articletrader.com/finance/mortgage/how-do-you-choose-your-mortgage-consultant-courtier-hypothecaire.html. |
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