Before Hiring a Mortgage Broker, Ask These Questions

Mortgage broker shaking hands

Choosing a mortgage broker can be a tough ask, but it is worthwhile considering the amount of information that you will learn from them. Going directly to the lender might not be sufficient, especially if you’re looking for the right rate or program or trying to find a solution to an issue.

Hence, there are many advantages of having a mortgage broker. Lake Oswego is a real estate haven, so expect the top brokers to compete for your mortgage needs. To get the best one, make sure you ask these questions.

1. Can you give me a rundown of your application process?

Borrowers need to ask this question since it provides them a whole picture of the application process — something that will contribute to their decision to proceed with the application.

You need to know the important steps, from pre-application and underwriting to closing. You should also learn more about the specific requirements as well as documents needed in every step of the loan process, including their deadlines.

2. What are your rates and fees?

Asking about the rates and fees can provide you a more accurate price for your loan. Do not just ask for the rates. Be specific with other options (e.g., fixed or flexible) as well as their hidden fees or charges.

The mortgage broker’s job is to help you decide on a loan by giving you comparisons, showing how other lenders may price a certain loan, and give you an insight of other potential products that may interest you.

The mortgage broker is a fountain of information so be bold in asking questions even if it is about being unable to repay on time. There will be times when you cannot complete repayments due to unexpected circumstances. So, ask the broker if a flexible repayment options are provided to borrowers.