1. Types of loans

There are generally two types of loans, fixed-rate mortgage and varying-rate mortgage.

A fixed-rate mortgage means that you’ll pay a fixed amount every month until the end of your mortgage term. This can be good for those who are settling for their long-term homes.

On the other hand, a variable-rate mortgage is where you get to pay a rate lower than the current market rate for some time. After such time, your mortgage rate will then change according to the market.

So, if the market increases, your monthly mortgage payments will also increase. Luckily, there are limits to how much your mortgage rate can change, so as to avoid excessive increase or decrease.

Ask your mortgage broker about the market trends, so you can make a wise decision on which loan to get.

2. Lender network and partnerships

The more lenders they have, the more choices you have for mortgage products. And with more choices, you can be more certain that you have access to the best mortgage rates and terms.

3. Qualifications

Next, make sure your mortgage broker is indeed licensed in the jurisdiction your property is located. But don’t worry, because we made sure all brokerages in our list have licensed brokers!

4. Reputation

Reputation is also a factor to consider, especially since your broker will have access to confidential information such as your salary and insurance number. Customer reviews can tell you just how trustworthy and accommodating a broker can be.

5. Responsiveness and availability

Lastly, you should consider a mortgage broker’s responsiveness. It would also help if you agree with their main mode of communication.

Additionally, if you have a tight schedule, consider a mortgage broker with flexible or extended working hours so you can discuss your loan without rushing.

You do not have to be our client to get sound advice from one of our professional.