Questions to Ask Prospective Mortgage Brokers

Many people think of Edmonton as a major player in Canada’s booming oil and gas industry. Edmonton is the home base for many aspects of Alberta’s oil business, ranging from extraction to research and development, resulting in the city’s reputation as the ‘Oil Capital of Canada.’ With Edmonton’s economic development and its abundance of work opportunities, it’s no wonder why many people are looking to settle in this Canadian city. If you’re looking forward to life in Edmonton, getting the right broker should be a primary consideration. The right broker can lead you to the right mortgage company, helping you get your dream residence at the best possible value. In hiring a broker, here are some questions you can ask to protect your interests. Are you a full-time broker? While it’s not a crime to work as a part-time mortgage broker, you have to decide if a part-time broker can meet your needs. Part-time or freelance brokers maybe more motivated to gain your trust and get you the loan, but communicating with them can sometimes be harder. However, full-time brokers and brokerage companies may charge higher rates. Who are your former clients? Edmonton mortgage brokers shouldn’t hesitate to tell you about their previous clients. This is vital because you have don’t want to do business with a broker with a questionable reputation. If the broker or brokerage company gives you a list of former clients, make sure to call the clients to verify the information for your own financial safety. Can you help me even if I have a poor credit score? Pose this question to a prospective Edmonton mortgage broker to see how they’d react. Seasoned brokers should be able to give recommendations to help improve credit scores and find the right lender for this need. If a broker appears stumped and can’t answer, look for more experience brokers who can help you. How do I pay you? Payment is a critical issue for many Edmonton mortgage brokers. Some brokers get their payment through a flat fee or through earning a percentage from your mortgage amount. Before you ask this question, decide how you want to pay your prospective broker, so you’ll know the answer you want to hear.