In which type of mortgage do you specialize?
You are a home buyer so you're going to want someone who knows residential mortgaging. If you are in the market for commercial property, you will want a broker who specializes in the field.
With which mortgage associations are you affiliated?
Being affiliated with an association provides you with an idea of what the broker's standards of practice will be. Many are required to provide you, the borrower, with the best possible mortgage rate by oath. Also ขายบ้าน check out that your mortgage broker is licensed through the Canadian Association of Accredited Mortgage Professionals. You, as the borrower, should always do your homework when making financial decisions. The better understanding that you have about the industry, the better off you will be. Listing to your instincts, if something seems off or not quite right, do not be afraid to ask lots of questions.
How many years experience do you have in residential mortgage and how many mortgages do you average per year?
In this question you'll learn about the broker's expertise. Generally, the more experienced a broker is the more knowledge he/she will bring to the table. That's not to say that there aren't some young go-getters out there who will do a great job as well. A tell-tale sign to look for is how many mortgages the broker averages in a year. If it's less than 1 or 2 per month then you might consider someone with more experience.
Are there additional fees or special conditions with the rate you've quoted me?
You may have been quoted an amazing interest rate for your mortgage to get you to into the broker's office but be sure to ask what other fees are attached with the deal.
Request a copy of the lender's letter of commitment
Once your broker has communicated with a lender on your behalf and knows what the terms and conditions of the mortgage will be, ask to see the letter of commitment to make sure that what you're being told is in writing. This will protect you from any unexpected and undesired changes down the road.
Request a list of references from your broker. Brokers will have outstanding testimonials on hand to offer you but dig a little deeper and talk to some people the broker has worked with recently to get an accurate picture of their strengths and limitations.
Ultimately, you'll be working closely with your broker so make sure they are someone you want to do business with and that you think is fighting to get you the best mortgage rate. A good broker should be able to get you out of that apartment for rent and into a house/ condo of your own in no time!
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