It’s commonly said that cutting out the middle man will save you time and money but this couldn’t be further from the truth.
Mortgage Brokers like myself can provide personal expert assistance, help streamline the process of getting a mortgage, and hiring a broker can usually save you more money that you could save on your own.
However, not all mortgage brokers are as helpful as others, and with these questions, you can discern which ones are the better ones.
Firstly, the foremost question to ask would be “Which mortgage type would be the best fit for me?”
Mortgage brokers have access to the best deals around. Ideally, the broker you’re looking for would first ask you about your financial situation. Questions such as “What’s your annual income?” and “Do you have any future plans?” are good signs; those who simply pitch you a plan should be a red flag that they’re acting as advertisers. In short, a broker that makes sure your interests are considered first is one you’re best off with.
For a purchase you should ask about breakdowns for different down payment amounts. A good broker, at this time, should help you understand just how much you’d need to pay during the mortgage and after the period. They’d give you time to understand the situation without forcing you to choose a plan immediately.
A final question to ask your broker would be what their hours are.
This is sometimes the most important factor of hiring a broker. They’re not bound by traditional bank hours, and should always be accessible. Without a broker, if you had a problem, you’d be forced to wait until the next business day and even then wait in line. With a broker, a quick text or email their way can have your problem answered in a jiffy.
