Questions to Ask Mortgage Broker

So, you’re considering a home loan and want to prepare yourself with the right questions to ask a Mortgage Broker, huh?

#1 - Excellent idea! There are so many moving parts when getting a mortgage loan, that so many things can go wrong.

#2 - You’re in the right place! I have been a full-time mortgage broker since 1987, so I know the realities of this business like very few others. The actions of a great lender can make your loan so smooth that it seems like a walk in the park. However, a bad lender can turn your life into a total nightmare. Honestly. So, let’s take the interview process that seriously.

The Harsh Truth - Here’s what I’ve learned over the past 38 years of being in business: Many more people can do the job than should actually do the job. Of those who can complete the task, a person’s character is more important than their skills. For instance, if they are a confident expert, but lazy or greedy, they’re not good for me. The deal I get will serve their best interests, not mine. I know I won’t get a good deal the terms won’t be the best, etc. On the other hand, an honest person who is hard-working and takes pride in doing a good job is always my go-to choice. I know I will get a fair deal, and it will be done with consideration of my needs and appreciation for my business.

Whatever approach you take, these questions are designed to help you sort through all of the jargon, sales rhetoric and actual clowns to find the right lending partner for your mortgage.

These are the questions I would ask (and the reasons they are so important).

QUESTIONS TO ASK A MORTGAGE BROKER

Based on what we’ve discussed, what is the best loan option for my situation, and why? (These questions will let you know if your Mortgage Broker is listening to your particular needs.)

What is the best interest rate for that program? (The answer to this question will give you an idea of how competitive the rates are with this Mortgage Broker.)

Does that interest rate contain discount points? (Did they offer this information before you asked?)

Is that a loan rate we can lock in right now? If so, for how long? (The response to this question will give you a very clear idea if the Mortgage Broker you’re speaking with answered your question with honesty or “Creativity” to get your application started.)

How long have you been a full time professional in this business? How about the least experienced person on your team? (You don’t want to be one of the loans a new person learns on, right?)

Will I work with you directly, or someone else? If someone else, why? How much experience does that person have? Can I speak with them and ask questions before I make a decision on which Mortgage Broker I will work with? (The head of a big team is usually the best person, so if you decide to go with them because of that person, but get stuck with a newbie, your results will vary from your expectations.)

What made you choose to be a Mortgage Broker? Why do you continue to do it? (Did they get into the business for the right reasons? Are they still focused and effective, or tired and jaded to your needs?)

What are your favorite parts of your job? What are your least favorite parts of the job? (These answers will help you decide their enthusiasm and desire to help you to the best of their ability.)

How often will we communicate about the progress of my transaction? Will that be email, phone, or text? (Very important. The progress of your transaction should NEVER be a mystery to you.)

What are your hours of operation? Nights? Weekends? Holidays? (This allows you to understand their stated availability for any questions or updates)

What is the time frame for closing this transaction? (Expectations are key. They need to be set and met.)

What are the up-front fees for this loan? (It is important to know what expenses are required, as part of your decision-making process)

How long does it take to get a loan approval? (Having your loan finalized means you can proceed with the other parts of your life with confidence.)

Feel free to go over any questions or scenarios with us here - Contact us 

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