How to interview a mortgage professional

Avoid nasty surprises later on

There is so much information about everything these days and quite frankly it is overwhelming to say the least.

You want to make the best decision possible when it comes to the loan you are taking for your home but how can you be sure you are choosing the right mortgage professional to help you?

Here is a list of questions you should be sure to ask. Even if you are working with your own financial institution you should take the position of ‘buyer beware’.

Do some online research ahead of time. Check out feedback from other people and take a look at the website. You can see what the best rates are in the open market to know if you are being offered the best deal.

Ask questions! Here are the ones I think are the most important:

Start by asking them a bit about themselves.

• Do you do mortgages full time?

• What other accreditations do you have in your field?

• How long have you been in this industry?

• Do you regularly attend training?

Then ask the following about the mortgage:

• Is it fully portable anywhere in Canada? What are the restrictions upon porting?

• How is the penalty calculated? Am I being offered a discounted rate which will come with a higher penalty if I end up breaking the mortgage?

• Will my pre-approval be fully reviewed or is it just a rate hold?

• Will you pull my credit prior to me writing an offer?

• Is this a collateral mortgage? Can you explain why that is in my best interest?

• How do you get paid? Are you a commissioned-based position or a salaried one?

• What are the pre-payment privileges?

• Should I consider something besides the five-year fixed rate?

• What other costs should I expect? Lender fee, appraisal, legal, title insurance?

• Is life insurance mandatory with this loan?

• What paperwork will you require?

• What are your best rates?

Once you have taken the time to ask the above, you will be better educated and you will have taken the time to determine that this person is the right one for you.

It is going to be hard and feel downright un-Canadian to be so forthright, but you will be glad you did when the process is smooth, and you avoid nasty surprises later on.

Pam Pikkert is a mortgage broker with Mortgage Alliance – Regional Mortgage Group in Red Deer.

Just Posted

PHOTOS: Alberta male team takes gold in Winter Games relay speed skating

Alberta was close behind Quebec in the team relay speed skating finals

WATCH: Pet therapy brings calmness to Winter Games athletes

Canada Winter Games in Red Deer continue on until March 2nd

Jayda Monilaws is selling cupcakes again for Central Alberta Humane Society

The 10-year-old Red Deerian is selling cupcakes today from 10 a.m. to 6 p.m.

Alberta was crowned champions in Wheelchair Basketball at Canada Winter Games

Ontario won silver while Quebec took home the bronze medal

Pride Days are Feb. 21st and 28th during the 2019 Canada Winter Games

Events will be held at the 52 North Music + Cultural Festival

National Energy Board approves Trans Mountain pipeline again

Next step includes cabinet voting on the controversial expansion

R. Kelly charged with 10 counts of sexual abuse

R&B star has been accused of sexual misconduct involving women and underage girls for years

Child advocacy centre raising funds through Dream Home Lottery

The child advocacy centre in Red Deer uses its resources to help kids all over Central Alberta

Trudeau tells Canadians to listen to clerk in SNC-Lavalin matter

Privy Council clerk Michael Wernick delivered a blunt assessment at the House of Commons justice

Mueller report looming, new attorney general in hot seat

Robert Mueller is required to produce a confidential report to pursue or decline prosecutions

B.C. woman shares story of abuse with church officials ahead of Vatican summit

Leona Huggins was the only Canadian in the gathering ahead of a historic summit at the Vatican

Sylvan Lake’s Megan Cressey misses Freestyle Skiing Big Air podium

Alberta’s Jake Sandstorm captured silver in the men Freestyle Skiing Big Air contest

Why do zebras have stripes? Perhaps to dazzle away flies

Researchers from University of Bristol look into why zebras have stripes

Poll: More voters believe Canada doing worse under Trudeau government

22 per cent believed the country is doing better and 27 per cent said things are the same

Most Read