So you’ve decided to get your mortgage with a broker, maybe after reading about the savings you could get by shopping from multiple lenders and choosing from the best mortgage offers.

If you plan to work with a mortgage broker, you may be wondering what kind of questions you should ask to ensure you’re getting the best service and that your needs are met. If this is your first time buying a home, you might have some reservations about working with a mortgage broker, especially if your family and friends with a mortgage went with a bank. We’re here to ease your concerns and give you the confidence you need to find a mortgage broker that has your interests in mind.

If it’s your first time talking to your mortgage broker or advisor, here are some key questions you can ask to ensure that they are qualified and able to meet your needs:

How long have you worked in this industry?

Experience is important when it comes to mortgage brokers. You might want to ask your broker how long they have been in business and what kind of experience they have. This will give you a sense of their track record and expertise. At Perch, our mortgage advisors have worked in the industry an average of 8 years.

Should I get a fixed or variable mortgage?

While this is a question that you will ultimately need to answer yourself, and may have decided already, it can be insightful to leverage the experience of your mortgage broker to determine what type of mortgage you go with. Chances are your mortgage broker is very familiar with the mortgage industry, and can advise you on whether rates are likely to increase or decrease in the short term. You can read the latest mortgage rate outlook from our Head of Mortgage Advisory here.

What mortgage lenders do you have access to?

Different mortgage brokers will have access to different lenders. In general, you’ll want a mortgage broker that has access to multiple lenders, including banks, credit unions and monoline lenders, which will give you the most mortgage options to choose from. 

Are there any extra fees involved?

Mortgage brokers may charge fees for their services, so you should ask your broker if there will be any extra charges involved in getting your mortgage. This will help you understand the full cost of working with a broker and ensure that you are getting a good deal. At Perch, we get paid through commission from the mortgage lenders, which means it doesn’t cost anything extra to you.

What does the process look like to get pre-approved?

The pre-approval process and requirements can vary depending on the mortgage broker. You can ask your mortgage advisor about their pre-approval process and what documentation and information they will need from you in order to get pre-approved. This will help you understand what to expect and ensure that you are prepared to apply for a mortgage. At Perch, most of our approval process is automated so you can get pre-approved for your mortgage in as little as 20 minutes.

Can you provide references from past clients?

If you’re still cautious about working with your mortgage broker, references from past clients can provide valuable insights into what it’s like to work with a particular mortgage agent. You could ask your broker if they can provide references from past clients who are willing to speak with you about their experience. At Perch, you can read testimonials from our happy customers on our home page.

Hopefully these questions gave you an idea of what you should be looking for from your mortgage broker. At Perch, our mortgage specialists are available to answer any questions you may have and help you find the mortgage that’s right for you.