Mortgage Broker question

[Robbob]

Just courious what the etiquette with selecting a mortgage brokers is. I don't quite understand if you choose your broker after he gets you the rates or do you have to choose between two brokers before they search for rates. I know you shop around for the rates but I don't know if it is just me but I would feel bad making somebody run around and then not choose them.

I've heard of playing a broker off your bank but I haven't heard of playing a broker off another.

[MoneyGuy]

Ask one broker for rates. Call someone else if you feel the need to confirm that the first one's rates. They all have rate sheets at their fingertips so should be to tell you the rates within seconds, so what's the problem with asking more than one if you wish to do that? I know a great broker in Calgary if you want to PM me. Indie brokers should have the same rates, so I don't think you'll find a difference anyway. I don't know your credit score, which is important.

[Incinerator]

Ask your Realtor for the names of a few brokers and compare rates between them, they may all be able to get you the lowest rates for different terms (e.g. Broker A gets you 2.7% for 1 yr fixed, Broker B gets you 3.75% for 5 yr fixed), so in the end it just depends on what you need.

"Mike Oxlong" is a mortgage broker here on CP, you might want to PM him first.

[GrrlGoalie33]

I can personally vouch for the services of Mike Oxlong. When my mortgage renews in 5 years, I'll be calling him again!

[Shazam]

Originally Posted by Frankster

I can personally vouch for the services of Mike Oxlong. When my mortgage renews in 5 years, I'll be calling him again!

In Soviet Russia, Mike Oxlong phones you!

Got nothing.

[Draug]

Yeah, Mike Oxlong help me out too. Also helped my brother. Our mortgages were not straight forward, and he went the extra distance for us. I can feel great about recommending him.

I would also feel comfortable with whoever Moneyguy recommends. I've been dealing with Moneyguy for over a year now and would accept his advice.

[Boblobla]

I as well can vouch for Mike Oxlong. He made purchasing my first home really easy and did a sh&tload of legwork.

[Mike Oxlong]

Thanks for the recomendations everyone.

When you are talking to a mortgage broker it's important to work with someone you feel comfortable with and someone you feel has your best interests in mind. Your broker should ask you questions about your situation and your goals. Not all mortgages are strictly about just the rate.

A good broker should understand all of your needs and find the mortgage with the options that fit your situation the best.

That's the benefit of a broker, they have options from numerous banks to choose from for you. If you go to RBC you get RBC's options and that's it.

Let me know how I can help!