There are many questions that you should be asking a mortgage broker, and they are not what you think!
For example, what is the best rate, and what is my payment going to be, although are important to know, should not beat the top of your list of questions.
The top 2 questions that I would recommend asking a mortgage broker, or anyone that you are speaking to who is offering you mortgage advice (this includes your bank, your friends, your parents).
- What type of mortgage did you get, and why? What was your thought process, or strategy behind selecting your mortgage product?
- What strategy are you recommending for me, and why (what is it based on).
If the answers to either of these questions begin with, this is the lowest or the best rate, and it is what everyone else is doing… then I would humbly recommend that you thank them for their time, and pack up your things and get the heck out of there…
The reason why we are saying that you should not focus on “interest rate” is because, in today’s world of transparency – if one lender is giving out a special rate, it does not take that long for competitors to notice, and make adjustments to match these offers. The fine print, the terms are very different and depending on your unique situation, can have different impact on your bottom line.
If you would like a complementary 30 minute home buyer strategy phone call, please feel free to reach out to us and book an appointment. In the first 10 minutes of the call we address the most crucial questions you should be asking when shopping for a mortgage.