Don’t know if you are working with a licensed broker or not? Look up their license using the public registry, if your mortgage broker is not licensed you may be scammed while dealing with mortgage loans or borrowing money against the value of your property.

Mortgage brokers offering their services need to work under federal and state laws. However, some brokers break the law and ignore the ethics of The Real Estate Regulatory Authority Act. If you deal with a broker exploiting the law you will be in trouble.

Connect with GS Mann for trustworthy and legal mortgage brokers Calgary NE. We offer services through our authorized brokers. We understand clients’ needs, offer comparative rates and clear all doubts of our clients

Your mortgage broker is supposed to be the expert guide you can trust. But how will you know if that broker is trustworthy or not? Below you will find tips that will help you to spot dishonest mortgage brokers.

1. Unexplained Fees and Costs

When customers deal with mortgage brokers they need to know the total cost of the deal including fees, taxes and any hidden costs. It is the responsibility of the broker to explain every cost included.

If you find hidden charges that are unexplained, it’s time to question the broker suspecting his/her honesty.

2. Too Good To Be True Offers

Sometimes what you see is not real, and the reality is not what you see, follow this quote to keep yourself aware of dishonest brokers. Keep yourself away from deals that seem too good to be true.

Brokers exploiting guidelines of the fair deal will try to lure or trap you in fantastic rates or terms that they can not secure. If you find yourself trapped in this type of deal try discarding the contract as early as possible.

3.Lack of Communication

Lack of communication may lead you toward a dishonest deal. Good brokers are those who always keep you updated or informed at every step of the deal.

If your broker is disconnecting your calls, ignoring messages and not meeting you in the office then this might be a sign that you’re stuck in an unfair deal. It is the responsibility of the broker to answer swiftly about your loan status.

4.Pressure to Make Quick Decisions

Be aware, if the broker urges you to sign the agreement now. Always keep in mind that mortgage decisions should never be rushed.

No mortgage broker can pressure you to sign documents quickly without allowing you to read and discuss them. If ever signed under pressure your broker may not be looking out for your best interest.

5.How To Switch to a Trustworthy Broker?

If you’ve identified any of these red flags, then you might need to switch to a trustworthy broker, below you will find tips for switching

a. Research and Referrals
Finding your current mortgage broker dishonest, begin researching for another broker with good reputations in the real estate industry. Visit their website and look for customer reviews. You can take referrals from friends or family and check their credentials.

b. Check Their License
Before switching to a new broker it is good to deal with those licensed to work in the field. In some places, mortgage brokers deal without government authority and approved licenses. You can check a broker’s license status online or by visiting their office reception.

Final Words!

Mortgage brokers Calgary NE should be a partner in your home or property buying journey, not a hindrance. By staying aware and learning the signs of dishonesty you can ensure a safe mortgage deal.