Top Questions To Ask Your Mortgage Broker


What experience do you have in the industry and real estate as a whole?

The best mortgage broker in Ottawa who has experience in what you are looking for is important. For example, you are looking for rental property mortgages and they own rental properties. This way you get first-hand experience as well as knowledge on the different products and options available. Also, if you are looking at purchasing your home but your mortgage broker has not owned a home before, they may not be able to share the best first-hand experience.

How many lenders do you have available?

The more lenders, the more options you have and the more interest-rate specials available.

What banks and lenders do you use most often and why?

If you learn that your mortgage broker randomly sends mortgages to a variety of different lenders without much reasoning, this may raise questions. Like a doctor who knows the best prescription for an illness, a mortgage broker should know the best mortgage lenders or mortgage options for certain situations. For example, first-time homebuyer mortgages. Some lenders do truly accelerate in offering amazing rates as well as lots of options such as the ability to make increased prepayments.
By discovering which lenders is your mortgage broker likes the best, may help align you with a mortgage company that you also will have a great experience with.
Learn more: First time home buyers in Ottawa
Learn more: Prepayment privileges

How do you get paid?

It’s important to see if the mortgage broker will be charging you a fee for their services. Most mortgage brokers receive compensation from the lender. You should not have to pay them however some do charge a fee as well for their service. Also, the different types of lending can determine if it is applicable or not. Traditional lending typically does not have mortgage broker fees. However private mortgages in Ottawa, construction mortgages and alternative lending can come with fees
Learn more: Private lender mortgages
Learn more: Construction mortgages

Do you have good ratings and reviews?

You can ask your mortgage broker for testimonials or research them online to see if they have positive reviews. The best mortgage broker in Ottawa should have many great reviews.
Learn more: Better Business Bureau

Why not make your mortgage experience a comfortable one?

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