Explore 
Buy 
The Pulse
Community
Top 10 Questions to Help You Find the Right Mortgage Broker
When selecting a mortgage advisor, you want to make sure that you ask them some basic questions before you decide to work with them. Remember, there are lots of eager and willing mortgage providers who are able to provide you with outstanding service and advice so treat this as an interview where you can ask the questions and be in control. I would always recommend that you ask your mortgage provider at least these 10 questions that will help set your mind at ease and will confirm you are dealing with some that is knowledgeable and working with your best interests in mind.
1. How long have you been a mortgage broker for and how many mortgages do you place a year?
2. Where do you generate your business from (if a mortgage provider tells you that their business is based on client referrals and repeat business that shows they are clearly doing a good job!)
3. With what institutions do you work with (ideally a mortgage provider will work with several lenders so that they can provide you with options that suit your individual needs)
4. When are you available and what is your preferred method of contact (If someone is difficult to get a hold of from the get go…. then RUN!!!!!!!!!! You want someone that is available when you need them to be).
5. How do you get paid? (A typical fully qualified client should usually never pay fees)
6. What sorts economic factors help determine interest rates? (if a mortgage broker cannot answer this question for you, they shouldn’t be qualified to be guiding you through the process)
7. What is happening in the market currently and what do you see happening in the future.
8. Do you know of any programs that allow me to reduce my personal income taxes through the mortgage?
9. Can you provide an accurate idea of what all costs will be associated with the mortgage (While our service is completely free, a mortgage provider should be able to provide you with a very good estimate of the closing costs, such as lawyers, CMHC, land transfer fees, etc).
10. After closing, what further advice will you be providing me? (personally, we manage our clients’ mortgages and keep them in the loop as we identify opportunities in the market as well as keep them informed on a weekly basis through our market update)
As a prospective client, do your homework and make sure that you are working with a reputable mortgage provider that will provide you with unbiased information. For that reason alone I do not recommend working directly with one specific bank or mobile bank specialist as they are limited in the products and service they can provide. I strongly recommend that you consider securing the services of a competent mortgage broker as their services are completely FREE and you will have access to unbiased advice and knowledge you simply cannot get from a bank.
