How to Find a Reliable Mortgage Broker for Your Home Loan?

Posted by William Saroyan on October 12th, 2019

Renting out property can seem like a huge task however if you have the best approach to selecting the properties, you can get an excellent deal on board! The main selection that needs to be done is the broker and homeowner as these will determine your overall rent expenditure.

So, how do you go about this entire process? If you are looking for a reputed home buyer mortgage broker for your apartment hunt, here are a few tips that could help you out –

Compare The Down Payment Amount
The down payment percentage differs amongst every homeowner, realtor as well as real estate agent. It is important to look for the best down payment amount that matches your budget as well as one that is suitable for you in the long run.

There are a lot of brokers and homeowners that have zero down payment Canada rentals that will work great for you. However, these are difficult to find and might not be the most ideal location where ease of travel and convenience comes in the picture.

Check For The Broker Commission
Every broker has their brokerage and commission over and above the total down payment or even the per month rent of the property. Be sure to compare the broker commission and understand why a certain broker is charging a higher brokerage.

The commission needs to justify the work that the particular broker is doing and if it doesn’t match up, look for another broker altogether. However, it is important to note that highly reputed brokers charge a heavier brokerage fee due to their excellent contacts and high-quality property listings.

Double-Check The Broker Agreement
There are a lot of terms and conditions written in fine print in the broker agreement that you must read carefully. This will help you clear all doubts and also help you get the best property within your price point and your budget too.

There are a lot of BC first time home buyers that completely ignore this step and later find themselves in a soup with all the different terms and conditions. If you do not understand any point, you can always double-check with the broker or even with a friend.

Check The Percentage Increase In Rent Per Year
A lot of homeowners increase the rent by a certain percentage per year and this can differ. You need to check with the broker as well as the homeowner for the percentage increase so that you don’t get a shock later if the increase is way too high. There are a lot of different mortgage broker exam questions BC that you need to check with your broker and homeowners as well along with this.