Are you a first-time homeowner in Ottawa or about to be? Congratulations! Homeownership is a big deal, and it can be intimidating. We’re here to help you explore your mortgage broker in Ottawa options. We’ll take a look at mortgage rates as well as what makes a good mortgage broker. So, if you are looking to take out a mortgage for your home and want a broker to help you, keep reading!
Best Mortage Brokers Ottawa
While there are many great mortgage brokers in Ottawa (see also Calgary), one of the best mortgage brokers is online. intelliMortgage.com is an independently owned online broker for Canadians seeking a mortgage loan. Their website is an excellent option because they work with various lenders, such as well-known banks like TD Bank, HSBC, True North, and Scotiabank.
Using intelliMortgage.com is a simple three-step process. First, input the term you want, such as a 5-year variable rate or 5-year fixed rate. You also need to input the mortgage type, amount, and amortization. Then, you will get a list of lenders in Ottawa and their mortgage rates that fit your needs. Once you apply with them online, you can be approved within 24 to 48 hours.
So, using intelliMortgage.com instead of a traditional mortgage broker in Ottawa is much quicker and easier. You don’t even need to leave the comfort of your own home. And, you can save money!
Do Your Research First: Evaluate Your Broker
If you want to work with traditional Ottawa mortgage brokers; instead, you need to ensure you evaluate them first. The best way to do this is to see what their past customers have said about them. If a friend or family member referred you, asking them directly is easy. If you found the mortgage brokers on your own, you can look for reviews.
If there are many bad reviews with reasonable arguments, it’s best to keep these mortgage brokers off your list. Some lenders may also be willing to provide you with references you can contact as well.
Once you have narrowed it down to two to three mortgage Ottawa brokers, meet with each of them. You should prepare a list of questions (which we’ll touch on next) to ask each mortgage broker. If they aren’t willing to answer something, that is a red flag, and you may want to eliminate them from your list. Whether you are on your tenth home or are a first time home owner, you always need a great broker on your side.
Ask Your Broker Important Questions
When you meet a mortgage broker or talk to them, here are some of the critical questions you should ask.
- What interest rates will I qualify for as a first-time homeowner?
- What types of loans do you offer?
- What are your fees?
- What lenders do you work with?
- Are the lenders reputable?
- Which lender do you think is best for my financial situation?
- Why should I work with you over other mortgage brokers in Ottawa?
- Can you break down your rates for me?
- Can you provide me with a loan estimate?
- Is a 5-year fixed rate or 5-year variable rate a better option for me?
- How large does my down payment need to be?
- Do you think a lender will approve me?
- Will my closing be on time with you?
Mortgage brokers will not always have the ideal answer for each question. That doesn’t mean they’re not a good option. An Ottawa mortgage broker should be honest upfront, as that means they won’t try to hide anything from you down the line.
Ask Yourself, Is Your Broker Attuned to Your Needs?
Once you’ve met all of the mortgage brokers on your list and asked them your questions, what’s next? The final question you should ask yourself is: is your broker attuned to your needs?
As a first-time homeowner, you may not know what your needs are exactly. So think about whether or not you think the mortgage broker has your best interest in mind. Are they offering you products that make sense for your financial situation? Or, are they offering products that will make them a higher commission?
The best mortgage broker is always a customer-oriented one. If you think the mortgage broker is not considering your needs, keep looking.
The Bottom Line
If online mortgage brokers aren’t for you, there are still plenty of great options in Ottawa. The vital thing to keep in mind when looking for the best mortgage brokers is whether they have your best interest in mind.
Finding a lender with the best rates for your mortgage is essential. But, finding a lender that suits your specific financial needs is even more critical. You don’t want to be stuck with a mortgage you can’t pay down the line.
Owning your first home doesn’t have to be scary. Income.ca is here to help you through the process with advice on everything to do with home ownership, from mortgages to home insurance.