How do I find a Mortgage Broker?

January 2, 2014 9:37 AM

I live in Vancouver and I'll be looking to buy a condo this year somewhere in Coquitlam or New Westminster. I've never bought a place before and have literally no idea what I'm doing. I'm told a Mortgage Broker is my best bet but how do I choose the right one for me?

I've done a bit of googling but I just get a bit overwhelmed with the choice and I'm not really sure what I'm looking for. Does anyone have any good advice on how tp pick a good Mortgage Broker in Vancouver?

I know my question is vague, like I say I'm new to this and I'm a bit overwhelmed with the whole process!

posted by JenThePro to Home & Garden (6 answers total)

Lawrie Thom has gone to great lengths for a friend who is a single mom (even giving her advice on restructuring her mortgage when she separated - even though she wasn't needing to do anything for a couple of years) and was very helpful to friends who had their bank's financing fall apart 5 minutes before closing when it turned out the Ontario-based bank had different rules than in their province. See www.bestmortgagesvancouver.com.
posted by Chaussette and the Pussy Cats at 9:41 AM on January 2, 2014

I found a broker by googling and then contacting one with good reviews.

If I were you I would ask around and see if you know anyone in your circle of friends/acquaintances/co-workers who can make a suggestion.

FWIW the broker I used was with Invis and I've used her services twice and would do so again.
posted by Snazzy67 at 9:54 AM on January 2, 2014

My guy works in this industry, I'll try to find out from him this evening some ways to find good brokers.
posted by feckless fecal fear mongering at 10:13 AM on January 2, 2014 [1 favorite]

Ask your friends who own for recommendations on who they used.
posted by NotMyselfRightNow at 11:08 AM on January 2, 2014

Are you working with a real estate agent? I was very happy with the broker my agent recommended. (Unfortunately not in your area.)
posted by rpfields at 11:08 AM on January 2, 2014

Best answer: I did it all online and never even met my broker in person using True North Mortgage - I had my hand held the whole way, it was a piece of cake, and I got the best rate (True North Mortgage guarantees it and will give you $500 cash if they can't). If you decide to go with an in-person broker, check ratehub.ca for the best mortgage rate and question why they won't match that rate. Getting a rate even fraction of a percent less than somewhere else means tens of thousands of dollars saved.
posted by ajackson at 1:31 PM on January 2, 2014 [2 favorites]