Real Estate

How to pick broker?

  • Last Updated:
  • Aug 25th, 2017 9:01 am
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[OP]
Newbie
Nov 25, 2012
52 posts
17 upvotes
Mississauga

How to pick broker?

My 5yr term is ending next month and got a letter from PC Financial about their rates (4.44%) which is pretty bad. What's the best way to get a better rate and switch to a different provider? Should I just contact any broker, contact multiple brokers, or look for the brokers with the lowest rate and start from there?
4 replies
[OP]
Newbie
Nov 25, 2012
52 posts
17 upvotes
Mississauga
Thanks for the suggestions. I'm still curious how you arrived at those two options though. Was it via reference or a process of elimination?
Banned
Aug 10, 2017
198 posts
119 upvotes
Japots wrote: Thanks for the suggestions. I'm still curious how you arrived at those two options though. Was it via reference or a process of elimination?
I'm in the rental property business and have lots of mortgages.
I was referred to Tuli through a friend when I started. She is a wonderful person who always went that extra mile. Previously she worked @ Scotia for many years. I've referred people to her and they've always thanked me. I know of bad mortgage brokers who are a mess and need constant phone calls to remind them to do 'their job' . This is from being good friends with a realtor and hearing his phone calls.

I've also dealt with mortgage agents who work for banks. Both of those experiences were awful. They kept me on the hook saying crap like "I believe we can help you" and "Looks like we have the approval" when they didn't have shit.

Mortgage brokers and agents get paid on commission.
They will always say things similar to what I have in " " to keep you on the hook to not go anywhere else.
And they will keep you on the hook for weeks so you have no choice but to use them as your time runs thin.
They also have no problem saying sorry doesn't look like we can help you after keeping you on the hook for many weeks.
Deal Addict
Feb 5, 2009
2808 posts
939 upvotes
Newmarket
I have dealt with Paul Meredith for number of years and he has been absolutely great, number of people I have referred to him share the same opinion, always helpful and attentive even after the deal is closed.
You will find him posting in the mortgage rates thread.

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