An important part choosing a mortgage broker is to ensure that the mortgage broker has integrity. [See: Choosing your mortgage broker]
Integrity in a person is defined as: “Good character, as a person of integrity, incorruptible, whose conduct and actions are beyond reproach.” A mortgage broker with integrity will put your interest before their own and the lender
If you have any doubts about your mortgage broker then keep looking for another mortgage broker. You must have confidence that the advice or recommendations he/ she gives you is good for you (not him/ her!)
Finding a mortgage broker with integrity
When you are searching for a mortgage broker and are in the selection process, the first step is to have a telephone conversation with the mortgage consultant and see if he/ she listens to you without saying exactly what you want to hear. (Example: Do not tell the broker that you are looking for “the best mortgage rates for 5-year fixed” but instead ask him/ her of their recommendations for a mortgage). Let him/ her speak and answer your questions. A good adviser will probably start by understanding your situation and your goals to be able to advise you properly.
More than a product or an interest rate
If your broker speaks instantly of an interest rate or product (5 years fixed, a line of credit mortgage or even a variable rate mortgage), he/ she is probably too focused on a quick transaction rather than a long term relationship. The biggest savings come from little things over the years. Your advisor should be able to give good advice to pay your mortgage more quickly (and save interest) without putting strain on your budget.
A good mortgage consultant will probably have several solutions (preferably with several lenders) custom made for you. The best mortgage consultants have even developed several strategies they use with mortgages to save money for their customers.
All these are signs of integrity to the profession – he/ she tries to save you money
A long-term relationship
Find a mortgage broker who has a management approach to your ongoing mortgage needs. Such a broker will contact you annually to review your situation, check your mortgage strategy and give you advice.
Advisors who want only a quick transaction are easy to find, but a good advisor who is in touch year after year are in a class of their own.
- In summary, take time to find a mortgage broker who:
- Does not look only for a fast mortgage product,
- Does more than just shop for interest rates,
- Has no conflict of interest with you
Helps you save money with a good mortgage strategy