Some steps to finding an Ottawa Mortgage Broker to provide the best Ottawa mortgage rates in Canada

Firstly, you should obtain a detailed description of the exact mortgage program your Ottawa broker is offering. Since many people go to mortgage brokers for specialized mortgages that are not as straightforward as a standard 30-year fixed-rate loan, it is particularly important to know what you want and understand if that is the mortgage you are being offered. That way, you can compare Ottawa mortgage rates, fees and points on an equivalent basis.

You should ensure that you get a detailed mortgage estimate and check that against your final bill before closing the deal. Ottawa mortgage brokers are sometimes paid by both the banks and other lenders in Canada who underwrite the mortgages and the buyers who get them, so it is important to look at the mortgage documents to ensure your broker is not over-charging.

Locking-in a mortgage rate with an Ottawa mortgage broker can be problematic if you are not careful. You should obtain proof in the form of a signed document that the mortgage rate has in fact been set at the rate agreed upon. Remember that this needs to occur during the business day for a mortgage rate to be locked-in that day. Missed calls, faxes or emails can delay the transaction and leave you with a higher rate if you are not paying attention.

When initially locating an Ottawa mortgage broker, ask around for a Canadian referral. While a sweet disposition is pleasant, what you really need is broker that is business-like, fast and efficient, and that can find you the best Ottawa mortgage rate possible, at the lowest cost.

For extra insurance, check to see whether your Ottawa mortgage broker has previously faced regulatory problems in Canada. Even if the broker offers a low Ottawa mortgage rate, it may not be worth the risk of dealing with someone who has caused problems in the past.