Mortgage Blog

5 Questions to Ask Your Mortgage Broker

June 7, 2023 | Posted by: Angela Robinson

If you're in the market for a new home, whether that’s a house or condo, you may also need a mortgage broker to help with the process and securing a mortgage. To find the right mortgage broker for you, be sure to do your research and ask questions that matter. 


1. How are you compensated?

In most cases, you won't have to pay a mortgage broker a fee directly, but if you have a complicated situation you may have to look alternative lenders and knowing the cost upfront is a good question to ask for transparency. 

2. How many lenders do you deal with?
A mortgage specialist typically works for a single financial institution, such as a big bank, while a mortgage broker works with several lenders, giving you more options. 

3.How long have you been in the mortgage business?
It's not unusual for a mortgage broker to hold themselves out as an expert but yet have little to no financial or broker experience, so be sure to ask about personal background.

4. Do you have any special expertise?

For example, if you're planning to purchase your first home, your fifth rental property or possibly going through a spousal separation, look for a mortgage broker with experience and contacts in those areas.

5. Can you explain the process and timeline of obtaining a mortgage pre-approval and subsequent mortgage approval?
A great mortgage broker will have a defined process and be able to articulate that process, give advice and guidance, and educate you along the way.

We are here to provide you with professional services and help along the way, contact us today at 780 701 3888 or email marc@albertamortgagepros.ca

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