The article emphasizes that selecting an experienced, reliable and knowledgeable mortgage rep is essential to finding the best rate and mortgage product. Furthermore, it notes that failing to do so could potentially be a costly mistake.
The article begins by providing readers with a list of important questions to consider when picking a mortgage representative. These include inquiring about their experience, references, credentials, knowledge of the industry, and the range of products they offer. It then goes on to recommend that readers check whether or not their potential rep is a member of the Canadian Association of Accredited Mortgage Professionals (CAAMP). This association sets a number of standards for its members to guarantee that they are compliant with industry regulations.
In addition, the article explains the benefits of using a Mortgage Broker over a Bank. It suggests that, while a bank may be able to offer the best rate, they are more likely to provide a limited range of products from one provider. A mortgage broker, on the other hand, can shop around and compare multiple lenders to find the best rates and offers. Furthermore, they typically have access to exclusive products as well as longer amortization lengths.
The article also advises readers to monitor their chosen rep during the mortgage process. They should pay close attention to how they communicate, their ability to problem-solve, and their overall level of service. It stresses that any discrepancies or problems should be addressed as soon as possible to ensure a successful completion of the application.
To conclude, Test Your Rep offers advice to Canadians who are looking for a mortgage representative. It encourages them to research the representatives they are considering and to develop a list of questions to ask. It also recommends that they check whether their rep is accredited by CAAMP and to monitor them throughout the process. By thoroughly researching their potential rep and by monitoring their progress, readers should be able to identify the most reliable and knowledgeable mortgage rep available.
This article was contributed on Oct 18, 2023
