A mortgage broker is one of the best people to help you navigate the complex world of mortgages. But before you start working with one, it’s important to know what to ask a mortgage broker in Canada. This way, you can be confident that you are working with a professional who is qualified to help you.
#1: How Many Lenders Do You Work With?
#2: What Types Of Mortgage Solutions Do You Offer?
#3: What Is The Process For Applying For A Mortgage With Your Company?
#4: Do You Have Experience Working With Clients In My Financial Situation?
What if you have bruised credit? Or are self-employed? There are also different stages in life that require various documents in the mortgage process.
#5: Are You Licensed And Registered In Canada?
Only licensed and registered brokers are allowed to offer mortgage services in Canada. Working with a licensed and registered broker ensures that you are working with someone who has been trained and certified to provide you with the best possible guidance.
#6: How Are You Paid?
Some brokers are by the lender. In these situations, they may be more inclined to recommend a particular lender or mortgage product.
Other brokers are paid a commission based on the size of the mortgage they help you to secure. They might be more interested in securing the largest possible mortgage for you, rather than the most affordable or suitable one.
By asking this question, you can ensure that you are working with a broker who is focused on your best interests, rather than their own financial gain.
#7: Can I Get Pre-Approved?
Pre-approval involves a lender reviewing your financial information and credit history, and providing you with a preliminary approval for a mortgage, subject to certain conditions being met.
This can be a useful tool for determining how much you can borrow and what your monthly payments will be. Additionally, pre-approval can give you an advantage when making an offer on a home, as it demonstrates to the seller that you are a serious buyer with the financial means to follow through on your offer.
You can determine if pre-approval is an option for you and take the first steps towards securing a mortgage.
Work with Canada’s award-winning mortgage brokerage
At Premiere Mortgage Centre, our team of experienced local mortgage and insurance brokers is dedicated to helping you find the best mortgage and insurance coverage for your needs.