Questions to Ask Your Mortgage Broker

Questions to Ask Your Mortgage Broker

By |2018-10-04T23:07:32+00:00October 4th, 2018|Categories: Mortgage|

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?

Mortgage Rate

  • 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?

Mortgage Payments

  • 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?

Fees

  • 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?

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