Obtaining a mortgage can become confusing, not to mention how to get best mortgage rates and if you should hire a mortgage broker. The benefits to hiring a mortgage broker are they don’t not work for one lender so they have competitive mortgage rates from many lenders, they have a lot vested in being successful in getting you a mortgage so they are well versed on rates and mortgage news and trends. We understand the process can be intimidating so we’ve come up with some common Questions to Ask Your Mortgage Broker.
- How long have you been in business
- Are you a licensed mortgage broker?
- How much volume did you do last year? (If they do a high volume, mortgage brokers pass volume discounts directly on to you)
- Can I get references?
- Do you belong to any associations like CAAMP. (you need to have a complaint
- What services do you provide and how will you help me?
- How many lenders do you have at your disposal.
- Do I need to sign a contract?
- Do you charge a fee? Are there any hidden costs?
- Do I require mortgage insurance
- If I don’t do through with the mortgage through the lender you’ve chosen, do you charge a fee?
- What mortgage rate is best for me and why?
- Should I choose a Fixed or Variable mortgage rate?
- How do I get the lowest interest rate on my mortgage?
- How is the market? (A good mortgage broker has all the necessary market information at hand)
- What is the best mortgage rate you offer?
- How much do I qualify for?
- What mortgage term would you recommend and why?
- How much can I save over the life of my mortgage if I decide to choose your best rate versus a rate from another lender.
This is not an exhaustive list and you’ll want to ask more questions for your particular situation. Make sure you write down all your questions, bring a device to write down information when meeting with your broker and don’t be afraid to ask questions.