How To Choose a Commercial Mortgage Broker?
When investing in residential or commercial property, the first thing you'll need to decide is where to get financing. For that, you need to explore options and resources. You've probably heard of mortgage brokers from your real estate agent or friends. But how do you choose the right broker for you? Let's read about some features.
1 - A strong network with a variety of lenders
Work with a broker who has an extensive network of lenders with different strengths. Consider factors such as interest rates, speed of closing, credit checks, loan-to-value ratio, type of property financed, and more.
You will also want to know if the lender specializes in a specific type of loan.
2 - Cost and fee
Make sure the broker is clear about the fees and costs you will be expected to pay. For example, some loan brokers will charge an upfront fee no matter what, while others collect payment only after you have received the funds. Also, learn about any third-party fee assessments, structural reports, legal services, or other associated costs.
3 - Do an interview
Finding the right mortgage broker is like choosing the best mortgage lender. Find out what services they provide, how much experience they have and how they can help make the process easier with as little as possible. It is wise to interview at least three people.
Follow the above tips to find a leading mortgage broker to help you with commercial mortgages in Ontario.
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