Top 10 Questions to Ask a Mortgage Broker
If you get some names from friends, colleagues or your real estate agent, you need to do your own due diligence first before you make a decision. Assuming that you are dealing with a well-respected, reputable broker or lender who can get you a competitive interest rate within reasonable closing costs.
How do you know who will do the best job for you? I suggest asking the following questions:
How quickly do you return calls, e-mails and text messages?
- Do you have evening appointments available? Will you take calls after business hours and on weekends? Can you come to our house ?
- What happens if I find a house over the weekend? Can you run scenarios and prepare a pre-approval letter on a Saturday or Sunday?
- Will you attend my loan signing when I buy a house?
- Can you provide us contact information from past clients and realtors, so we can ask about their experience working with you.
- Can you write a pre-approval letter stating all of my information has been verified and we are approved to get a loan?
- How long have you been in the business and is this your only, full time job?
- Are you a top producer in your company?
- How many lenders do you work with and if you have preferred broker pricing for best rates?
- Do you give back to the community?