There are no stupid questions.
Here’s a list of questions to consider when speaking with your mortgage broker:
How long have you been in the business?
Experience is key when it comes to dealing with complicated mortgages.
What kind of education or licensing do you have?
You should verify that your mortgage broker is licensed by checking with the Canadian Association of Accredited Mortgage Professionals.
On what do you base your recommendations?
You want to be sure that they’re making recommendations for the right reasons. A mortgage broker works for you, and no one else.
Are there any special conditions that apply to this deal?
Be aware of hidden costs or undesirable conditions attached to a no-frills low mortgage rate.
What fees/costs are associated with the rate you’ve quoted me?
Don't let hidden fees sneak up on you. Always ask your mortgage broker to break out any charges and fees so you're properly informed.
Can I please see the lender’s letter of commitment?
If you are promised a specific rate, ask for a letter from the lender proving that the discussed rate is indeed locked in.
What is your area of specialty?
Brokers often facilitate more loans of one type than another. If you're purchasing a home, make sure you're working with a residential expert.
Are you affiliated with any mortgage associations?
Membership to some mortgage associations can be indicative of the broker’s oath to offer the best Canadian mortgage rate available.
Can you provide me with references?
Ask them for names of recent customers or realtors with whom they’ve worked.
A combination of thorough research and proper inquiry should help you narrow down your pool of potential mortgage brokers for the best mortgage rate.