Having the right mortgage broker can be the difference between buying that dream house or missing out.
It’s particularly important here in Quebec. A broker who doesn’t know our laws and doesn’t speak the language can cause serious delays that end up pushing your deal’s deadline.
Sellers are already nervous. To ask for an extension could potentially kill a deal. Once there is an offer on the table, it typically takes 10-14 calendar days to land the financing for a residential property. But these days that timeline is expanding as the banks develop stricter criteria and create more red tape. That’s why having the right people in place to bring that deal to completion is more critical now than it has ever been before.
8 key questions to help you find the right mortgage broker
So don’t go with the first mortgage broker you find. Shop around. Most deal-breaking delays can be avoided from the start by asking the following key questions to ensure you have the right mortgage broker:
– Do they know Quebec’s laws and speak French?
– Will they be available when you need them?
– Will they represent you fully and not pass your case on to an assistant or let the bank deal with it all?
– Are they available on weekends for emergencies?
– Do they work for one bank or are they independent?
– If they are independent, which banks do they have personal relationships with? (It helps to have pull if they need to ask a favor for a rush job.)
– Who is paying for the bank evaluation?
– What other relationships do they have out there? (Some mortgage brokers can get special deals with notaries or movers, which can help you save money.)
The good news is that it’s normally in the best interest of the seller to continue with the offer rather than drop it for the next one. However, you can increase your chances for a successful deal by ensuring your files are complete and you’ve chosen the mortgage broker that best understands your circumstances and the deal you want to make.
Jennifer Walker has been active in Montreal Real Estate since 2003. She founded the Montreal Real Estate Investor’s Group, which has more than 1,030 members. She specializes in environmentally friendly homes and helping beginner real estate investors.