What to Look for In a Mortgage Broker

What to Look for In a Mortgage Broker

Whether you’re renewing your mortgage or getting ready to buy your first home, a qualified mortgage broker is an ally when it comes to filtering out the best rate and terms from a bevy of lenders. But in Vancouver alone there are dozens upon dozens of mortgage brokers and finding the right one to work with can seem like an overwhelming task. However, it doesn’t need to be. Here’s how to separate the superb from the merely so-so.


The mortgage broker you deal with should have a minimum of three years’ worth of experience. It takes time to build solid relationships with lenders and become a shrewd negotiator. And, if you hope to find a brokerage you can deal with for years to come, selecting someone with a substantial amount of time spent in the business makes it more likely that they’ll still be around when it comes time to renew or refinance your mortgage.

A Variety of Lenders
It’s all well and good to be associated with all the major banks in Canada, but sometimes the very best rates and terms come from smaller organizations or private lenders. When interviewing mortgage brokers, ask what lenders they work with and which relationships have yielded the most successful deals. Atypical lenders may become particularly important if the property you wish to purchase is unusual in some manner or your own circumstances would give a bank pause (self-employment, low credit score, etc.).

No Fees
Most mortgage brokers get paid via the lender. This makes sense given that it’s the lender that makes the most profit on real estate transactions. If there are fees involved, they should be stipulated upfront and later clarified in writing. Some mortgage brokers only charge fees under special circumstances, but most don’t levy fees to the borrower.

Good References
One of the best ways to track down a great mortgage broker is by word of mouth. Friends, neighbours, colleagues and real estate agents are all potential resources for getting referrals. However, if you found your candidate by flipping through the yellow pages or you simply want another opinion—always a good idea—then you should ask for references and speak with two or three who’ve worked with the mortgage broker.

Great Customer Service
When it comes to mortgage brokers, great customer service means more than good manners and prompt replies. You need to choose someone who speaks to you respectfully but clearly. Let’s face it, wading through the nuances of acquiring a mortgage can be a complex and, at times, baffling experience. Your mortgage broker should be able to put forth relevant information in the simplest terms without speaking down to you. You need to ultimately choose a mortgage broker you feel is trustworthy and who puts you at ease.

A Vancouver Brokerage You Can Rely on
Rala Investments Ltd. has been providing borrowers the best possible rates and terms on their mortgages for over 20 years. Contact us today to book a consultation with one of our brokers.