Think Carefully When Selecting Your Alberta Mortgage Broker

By Author: Zuhair Shlah
Total Articles: 2
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Before you select your Alberta Mortgage Broker ask the following questions to ensure that you receive the best service to meet your specific mortgage needs and to ensure that you get::


1. What assortment of lenders do you as a Alberta Mortgage Broker have to offer?


Make certain that the individual you are dealing with has access to a variety of lending institutions as opposed to a Mortgage Consultant who only represents one lender and that lender's range of products.


2. What's the best type of mortgage that would fit my cashflow cycle and financial structure?


Make sure that the Alberta Mortgage Broker can demonstrate how the particular type of mortgage will best meet your financial structure and maximize the use of your cashflow. It is important that the mortgage payment cycle is in sync with your income payments periods to ensure that you are always in a positive cash flow.


3. Is it advisable to focus on the mortgage products with the lowest interest rate?


There is nothing wrong with obtaining low mortgage interest rates ...
... provided the lender can display a track record of low interest rates and stable funding! Mortgage products that appear to give a grand deal may contain high penalties, fees and charges, or may not give the flexibility of use that you desire in the future. To prevent selecting a loan that you could later regret, consider with caution a suggestion centred primarily around cheap interest rates.


4. What are the best mortgage products to suit my direct circumstances and objectives, and how will they support any future requirements that I may have?


Make sure the Alberta Mortgage Broker�s recommendation compares favourably with other offerings provided by other lenders and show benefits based on a reasonable comparison among the products. Look for product features and product flexibility that will assist you to tweak the mortgage terms to meet your future plans and requirements.


5. Apart from the payments associated with the mortgage, what extra charges and fees am I likely to incur?


Financial institutions will charge mortgage insurance premiums if your mortgage is high ratio, i.e., your down payment is less than 20%. If your down payment is 20% or more there is no insurance premiums. These are the premiums payable to CHMC, Genworth, etc. If you are obtaining a private mortgage there will be lender and broker fees in addition to the mortgage interest rate charges. In Alberta these fees are detailed using the Alberta Mortgage Disclosure form. There are similar disclosure forms required by other jurisdictions.


6. How do you get paid and what is your payment arrangement?


Asking for an explanation in writing of how your service provider gets paid for their services will help identify and reduce conflicts of interest. The broker should provide you with a disclosure form outlining broker fees. In most cases Alberta Mortgage Brokers are compensated by commissions from then lending institutions.


7. Do you do FREE Reviews and what extra services do you offer?


Identify how enthusiastic the broker is to remain in touch with you to confirm that your mortgage is meeting with your goals. Find out what other services does the Alberta Mortgage Broker offer either personally or via referral that might possibly be of benefit to you.


8. Where might I turn if later I have a disagreement that cannot be sorted out?


Ask your alberta mortgage broker if any support services are provided after the mortgage is funded? Ask the Alberta Mortgage Broker to see is they are willing to assist with questions to the lender and help clarify issues that might arise after the mortgage is in place.


9. Are you a certified Alberta Mortgage Broker?


By dealing with an Alberta Mortgage Broker who is a certified AMP associate, you are doing business with a Alberta Mortgage Broker that has satisfied minimum standards of education, experience and ethics to sustain their association status.


10. Does the lender off computerized systems to provide you with ongoing information about your mortgage status?


Find out if computerized online access to the lenders system is available. If this is important to you find out if such access is made available to client to show mortgage balances, payments received and other features.
Zuhair Shlah's team at Alberta Mortgage Inc. comprises of some of the most dynamic and experienced personnel from the mortgage industry, having a thorough knowledge of the Calgary, area. Visit our site for more information about Alberta Mortgage Brokers.