7 questions to ask a mortgage broker during the buying process

Buying a home, and searching for the perfect mortgage broker? Finding the right broker is an essential part of the process. You will work closely with them from start to finish, and they will help you secure the perfect mortgage product and lender for your needs. With that in mind, here are some of the most important questions to ask your broker before you begin!

#1 What types of mortgages do they deal with?

Of course, you are buying a home and will require a broker with experience working with home owners, as opposed to those buying property for investment or business purposes. Beyond this, however, you also want to ensure your broker is well-equipped to deal with your unique situation. For example, are you a first-time buyer? Maybe you are interested in new home construction, are self-employed and require alternative financing, or want to buy a foreclosure property. Whatever your circumstances, it’s important that your broker has experience with these types of buyers!

#2 Which lenders do they work with?

Mortgage brokers work with a variety of lenders, from banks to credit unions and alternative providers. It’s a good idea to ask about their network, and which lenders they have experience with. This can help you determine how wide their circle is, and therefore how many options you may have as the buyer. The more contacts your broker has, the better your odds of finding the perfect product!

#3 How will they help you get the best rate?

Your broker should be able to walk you through the process of securing the perfect lender and mortgage rate. You may want to know what they will do to ensure you get the lowest rate possible, and a good broker will keep affordability in mind. However, the best brokers don’t exclusively focus on price. They also consider the product itself, how flexible it is, if it gives you the right support, and whether it is a good match for your situation. While getting a lower rate is many people’s goal, you should also focus on the details of the product itself.

#4 How long does the process take?

Most people want to be in and out of the housing market as fast as possible. Buying a home can be stressful, and is obviously a huge expense. You should chat with your broker about your financial situation, as well as your personal deadlines. Have an honest conversation about your needs, and understand that closing a home sale can take time. 

#5 What if you need to change your product mid-term?

As you get older, your needs will naturally change, and your mortgage product needs to keep up. You should ask your broker what will happen if you need to refinance or change products halfway through your mortgage term. They should be honest with you about any fees involved with this process, as well as whether it would be a smart move for your situation. 

#6 What documents will they need from you?

Your mortgage broker will need a number of documents from you. If you want to speed things up, ask for a list of everything they will require. This will include pay stubs, proof of income and employment, your credit report, and a number of other financial and personal documents. The more you can have ready ahead of time, the quicker and smoother the whole process will be. 

#7 How do they communicate?

Not everyone communicates in the same way. It’s a good idea to discuss the best way to reach your broker so you know how to get in contact with them when needed. Do they prefer calls or emails? Will they respond to you same-day, or should you expect to wait a couple days between messages? At what points will they update you throughout the process? This just helps set the tone for how communication will work between you and your broker! 

Finding the right mortgage broker is an important part of the home buying process, and asking the right questions will help you narrow down your options! Be sure to think about your unique circumstances, and how a broker can help you address them. This is one of the largest commitments of your life, and you deserve to work with a professional who understands your needs. 

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.