What are the most important qualities in a broker?

Imagine you’re about to enter the housing market, maybe to buy a home or refinance your mortgage. The market is busy, fast-paced, and confusing. Would you rather navigate this arena alone, or have a mortgage broker on your side? Deciding to use a mortgage broker is a smart step towards achieving your home ownership goals. However, it’s important to keep in mind that not all brokers are one in the same. You should try to find a broker who aligns with your needs, your goals, and even your personality. So, what are the most important qualities in a broker, you ask?

Note: If you’re unsure whether you should use a broker, you should also read up on the advantages brokers have over banks.

Loyal to your interests

Perhaps the most important quality in a broker is that they are loyal to you, and work with your best interests in mind. Lenders work for themselves, since their business relies on you committing to their services. However, brokers are motivated by the need to secure a deal that works in your favour. Brokers are paid a standard amount across the industry when they connect a client with a lender — no matter who that lender is. This means they have no reason to pressure you or push you in any direction. Brokers are unbiased and don’t work for anyone but you, which means you truly have a professional on your side. Loyalty to the client is one of the qualities in a broker that is sometimes tricky to find in the mortgage industry. 

Organized

Since brokers are the middleman between clients and lenders, they’re responsible for a lot of the work that goes into a mortgage deal. Brokers need to meet with you to review your situation, and hunt down potential lenders. They file your application with the lender, negotiate on your behalf, and handle a lot of paperwork. Mortgage deals can move fast, so it’s important to have a broker who’s on top of things. Organization is one of the top qualities in a broker, especially in today’s fast-paced market. Working with a broker means adding a third party to the mortgage process. A good broker won’t make this more complicated, but easier for you to manage.

Connected to lenders

A mortgage broker’s job is to set clients up with lenders, so they need to have a wide range of connections. The more lenders a broker can connect you with, the more likely you are to find what you need in a mortgage product. The best brokers have great relationships with high quality, trusted lenders, and are able to set clients up for success. Brokers need to know reputable lenders in order to achieve excellent results.

Knowledgeable about the industry

This might seem obvious, but stay with us here. This is one of the qualities in a broker that is frequently overlooked. Of course, everyone in the mortgage industry should be subject matter experts. However, while lenders aim to sell you on their products, brokers want to sell you on the best product for your needs. This means they need to know all the ins and outs of the industry, where rates are headed, and where you might fit in. A lender may try to fit you into their product, but a broker has to hunt down the product that fits you. This requires tons of industry knowledge and intuition that many people may take for granted.

Supportive

A mortgage broker is by your side throughout the entire mortgage process. If you’re new to the market, or unsure how you should proceed, the comfort of a broker can’t be overstated. From your first meeting, right until you’re in your new home, brokers are there for anything you need. They are there to guide and advise, and they won’t leave you to handle anything by yourself. Brokers assist you with your application, negotiating, paperwork, and more. This kind of support is useful for anyone who might feel overwhelmed at the prospect of securing a mortgage on their own. 

Transparent 

Finally, a broker will always tell you what you need to know. They don’t have anything to gain by hiding facts from you, so they are always completely honest. Transparency is one of the top qualities in a broker because it makes the experience more straightforward for you. If one product is better than another, one lender type is more suitable for you, or you’re going to have trouble entering the market, a broker will tell you. This honesty builds trust, and can save you time and money. It’s not in a broker’s best interests to waste time setting you up with a plan that won’t work, and it’s certainly not in yours either. 

While there are tons of qualities that contribute to a successful broker, these are the traits that have the biggest impact on clients. In order to have a strong working relationship, clients need to know their broker is on their side and ready to better their experience in the housing market.

If you’re interested in refinancing or buying a home, reach out to us!  Give us a call at Centum Home Lenders at 506-854-6847, or get in touch with us here.