Questions to Ask Your Mortgage Broker

Finding the right mortgage broker is an essential part of the home buying process. You’ll want to find someone who is knowledgeable, trustworthy and with whom you feel comfortable working. And one of the best ways to do this is to ask plenty of questions. When you have a conversation with your mortgage broker, you should feel free to ask whatever questions come to mind. Below, we will explore some important questions to ask your mortgage broker to ensure you are getting the best advice.

Questions About Experience

1. How long have you been in the mortgage business?
2. Are you well-versed in all the mortgage products available?
3. Do you specialize in any particular type of loan?
4. What experience do you have in the type of loan I’m looking for?
5. Do you have other customers who have taken a similar loan as mine?

Questions About Fees

1. Are there any fees associated with this loan?
2. Are there any origination fees?
3. What other fees should I expect to pay?
4. Does the loan come with an early closure penalty?

Questions to Learn About Your Process

1. What documents will I need to provide in order to get a loan?
2. How soon can I expect an answer on my loan application?
3. What is the typical loan processing time?
4. How often will you provide me with updates on the status of my loan?
5. Is there a good faith estimate of the loan terms I can review before closing?

Questions to Assess Your Level of Service

1. What kinds of customer service do you offer?
2. How frequently can I expect to hear from you?
3. Do you provide an online portal for me to monitor my loan progress?
4. What is your preferred method of contact?
5. Will I always be able to get my questions answered quickly?

Questions About Special Programs

1. Are there any special programs or grants available to help me with my mortgage?
2. Are there government programs that I might qualify for?
3. Are there other sources of funding I might be interested in?
4. How can I find out more about these loans and grants?

Additional Questions

1. Are there any other lender options I should consider?
2. What happens if I decide to refinance down the road?
3. How can I protect myself from predatory lenders?
4. Is there anything else I should be aware of before taking out a loan?

Finding the right mortgage broker for your home loan is an important task. Taking the time to ask your prospective mortgage broker some key questions can help you make sure you are making the best decision for your needs. The questions outlined above are a great starting point for determining whether your mortgage broker is the right fit for you.