You will not have confidence in him (courtier hypothécaire) if you are not convinced that he has integrity.
Integrity is defined as follows: “The character or quality of an honest incorruptible person, of whom the conduct of his acts is above reproach.” Does the mortgage broker demonstrate that he will place your interests before the interests of the lender? - courtier hypothecaire
The answer should be YES!
If you have doubts, it is better to keep up your searh for another mortgage consultant. You should have confidence that the advice and recommendations given to you are good for you (and not for him!)
How to judge the integrity of your mortgage consultant.
You should interview your mortgage counselor (courtier hypothécaire) just as you would interview anyone else you are hiring. Don’t tell him what you want, let him do all the talking. If you tell him you are seeking the best rate for a five year loan, for example, he will only focus on that. You want to see what he can offer you. If he is a good mortgage counselor, he will try to learn as much about your situation as possible, instead of just giving you quotes on loan rates.
There is more than one product or interest rate
If he talks right away about interest rates or products, (5 year fixed, a mortgage line of credit, or a variable rate mortgage), he is probably more interested in transacting a quick deal than he is in a long term relationship. The greatest savings come from small details over the years. Your advisor should be able to give you the best advice to pay off your mortgage more quickly (and save you interest) without putting any pressure on your budget - courtier hypothecaire.
You will know you have found a good mortgage consultant if he is able to offer you a number of solutions, as well as a number of lenders. A good mortgage consultant has many products to offer for his clients to choose from.
Conflict of interest
One of the most important considerations when it comes to choosing your mortgage consultant is who he is really working for. If you are dealing with a banker who gets a bonus by bringing in a high interest rate loan, he is definitely not going to try to get you the best rate for his clients - courtier hypothecaire.
There are two sides to a mortgage, the one who pays the money and the one who receives the money. You, as payer, want to pay as little as possible. The bank, as receiver, wants to make as much as possible. Does your counselor want to make money for the bank or save money for you?
A long term relationship
Look for an advisor who has a long term management approach to your mortgage situation. Such a broker will be in touch with you annually to review your situation, check on your mortgage strategy and give you further advice.
You can find hundreds of mortgage consultants who want to make a fast loan deal. The secret is to find one who is going to stand by you through the years.
Take the time to find a mortgage consultant who:
• Isn’t only looking for one quick transaction
• Doesn’t just shop for interest rates - courtier hypothecaire
• Does not have a conflict of interest with you
• Saves you money with a good overall mortgage strategy
If your desire is to save the most amount of money over the life of the loan, and it should be, look for the above qualities
