Ten Questions To Ask A Mortgage Broker

Author: Kristi Sauter | | Categories: debt consolidation , mortgage broker Medicine Hat , mortgage for first time home buyer , mortgage for home improvement , mortgage for home purchase , mortgage for rental property , mortgage for second home purchase , mortgage for self employed , mortgage lending , mortgage refinance , mortgage renewal , repeat buyers mortgage , residential mortgage , reverse mortgage , spousal separation mortgage

Blog by Trilogy Mortgage Corporation

If you’re looking for a dedicated mortgage broker to help you find the most suitable mortgage solution, it’s essential to pick a reliable agent with high standards. After all, the end result will determine whether you get the home of your dreams. Therefore, it’s vital to choose a professional you can rely on. However, determining if a mortgage broker is dependable, efficient, and competent can be difficult.

If you’ve never worked with a mortgage broker before, you may not know where to start when it comes to choosing the right one for your needs. To make the selection process easier for you, I’ve outlined ten valuable questions to ask a mortgage broker.

During your initial consultation, ask these questions to help you understand if this agent is the one you want to work with, and able to help you find the mortgage solution that complements your needs while fitting your budget.

1. Do you have an active network of suppliers and partners?
Business and professional networking is an avenue to exchange ideas and perspectives. Your mortgage broker will be able to discuss your issues with other professionals and give you the best solutions. Ensure to find a mortgage broker who has several contacts in the mortgage market. 

2. Can you help me even if I don’t live in your locality?
It’s essential to ask your mortgage broker about their areas of service. If they do not live in your locality, will they be as available as they would be were they located in your area? Only if their answer is affirmative to this question, should you enlist their services. 

3. Can you help people who are self-employed?
If you’re self-employed, then your mortgage application will be slightly different as you will have to prove your income. Ask your mortgage broker if they can help you with that. 

4. Do you have access to more than one lending institute?
A broker who has access to multiple lenders will, in turn, give you access to several mortgage solutions so you can pick the one that suits your needs the most.

5. Can you help with new construction mortgages?
If you’re looking for a new construction mortgage, then it’s necessary that you ask your mortgage broker whether they offer these services. Construction mortgages follow a different pattern, and it’s crucial that you choose someone who has experience in this area.

6. Can you help people who have had credit issues in the past?
Credit issues can pose a problem by thwarting your chances of qualifying for mortgage approval. Even if you do qualify, you will have to pay a higher rate of interest. Ask your mortgage broker if they can help you if you’ve had credit issues in the past.

7. Do you charge a fee?
Before you enlist the services of a mortgage broker, find out if they charge a fee. Most mortgage brokers work on a commission that they receive from the lender after the mortgage process is completed. If your broker does charge a fee, then you need to decide if their services are worth the rate they quote.

8. Can you assist with renewals?
Will your broker stick with you and help you when it’s time for renewal? Or will their services end when your mortgage product comes through? These are some of the questions you need to ask your prospective broker.

9. Can you assist with marriage dissolutions?
Marriage dissolutions can further complicate the already intricate mortgage procedure. When hiring a mortgage broker, it’s necessary that you ask your broker if they can help you in case such a situation arises.

10. Can you assist with purchasing my first home?
As purchasing your first home is a significant investment of your life, you need to ensure that your mortgage broker is ready to provide you with assistance right from start to finish!

If you’re looking for a mortgage broker in Medicine Hat, AB, who can navigate you through the different mortgage options available, reach out to Kristi Sauter at Trilogy Mortgage Corporation. 

As a mortgage broker with over seventeen years of experience, I help my clients by providing them with tailored mortgage financing solutions. I step in my client’s shoes and ensure to pay close attention to their requirements and help them find one that suits them the best.

To learn more about mortgages, reach out to Kristi Sauter at Trilogy Mortgage Corporation today. Alternatively, you can take a look at our services by clicking here to learn more about the work we do.