Credentials & References
- Are you a Licensed Broker?
- What Lenders do you use to get the most competitive rate?
- How much volume did you do last year? Have you closed over $10-million of financing in the last 12 months?
- How long have you been in business and do you have any testimonials or references?
- Do you sell only Mortgage Services?
- Are you a member of the CAAMP in good standing or belong to another association?
- With my financial history, what is the best mortgage rate you can offer?
- How long will you hold the rate?
- If a better mortgage rate is available after the rate hold, can I get that rate?
- What would be better for me at this time, a fixed or a variable rate and why?
- If I choose a variable rate, can I convert it to fixed at anytime with the lender?
- If I decide to move, will the lender “Port” my mortgage?
- How many extra payments can I make without incurring a penalty?
- If I break my mortgage, will there be a penalty?
- If there is a penalty for breaking my mortgage, what is the calculation?
- If I get a cashback mortgage and break the mortgage, how much do I have to pay back?
- What is the minimum and maximum amortization period offered?
- Can I skip a mortgage payment and how often?
- What is the default insurance company (if you already have a mortgage insurer, ask if they are accepted by the lender).
- Can you do a stress test on my mortgage to make sure I can afford the mortgage should anything occur like rising rates?
- If I sell my home or property, can the new buyer take over the mortgage?
- Do you cover my appraisal fee?
- Are there any other fees?
- Do you offer discounts on other financial services, such a free banking from my lender?