Here's a simple rule when selecting a Mortgage Broker......
CHOOSE JUST ONE!
Do your homework, Ask lots of questions, Get lots of recommendations, and make sure the Mortgage Broker you decide to work with is experienced and knowledgeable, and someone you can connect with & communicate with easily (Like ME!)
Then put your TRUST in them 100% to handle ALL your mortgage needs.
As Mortgage Brokers, we have access to many of the same lenders, and any experienced Mortgage Broker (like myself) will know almost immediately upon taking your application which lender(s) will best suit your specific needs and circumstances, giving us the best possible chance of getting you the mortgage approval you want and need.
But when you start asking 2 or more Mortgage Brokers to do the same job things can go terribly wrong!
Our job is to "package up" all the information you tell us, along with our own professional insights and observations, so as to submit your mortgage request with the best chance of it getting approved.
Just like the game where you sit in a circle and whisper something to the person beside you and by the time it reaches the last person your original message is completely lost or garbled, the same thing can happen with each different Mortgage Broker's interpretation of your application. A bank can end up receiving your application 2 - 3 different times, and each application now contains a slightly different interpretation of your request. if the differences in the applications are serious enough, that lender may simply REFUSE to consider ANY applications submitted in your name, as they don't know what or who to believe, ruining your chances of approval!
In this age of "online" dealings it is far to easy to contact more than one Mortgage Broker quickly and easily thinking you are being proactive in your mortgage search, but trust me, you may be doing more harm than good. When dealing with such a huge and important financial decision like a mortgage, do yourself a favour and meet with your selected Mortgage Broker in person. This should alleviate any doubts or fears you may have in their ability to do what's in your best interest, and hopefully the Mortgage Broker you choose will be ME!
With 27 years of direct mortgage lending experience, first with a major bank, then a local credit union and now as a Mortgage Broker, I have arranged mortgages on almost every type of property imaginable....even a 50+ ft fishing trawler!!