How to choose a Mortgage Broker that’s right for you.

ByTanya Park

How to choose a Mortgage Broker that’s right for you.

Similar to other big life decisions the best first step is to talk with people you know and trust about how their experience was and what advice they can offer as you begin this process.

Finding a mortgage broker that’s right for you can be a seemingly daunting task, but if you educate yourself and ask some of the right questions it will make this processes a lot easier.

Do Some Reconnaissance.

While speaking to your friends and family, ask if they know any brokers that they can recommend.
Look on Google, Facebook and Linkedin for reviews, testimonials and recommendations for mortgage brokers.
One of the great things about these platforms is that you can see if any of your friends or acquaintances have said anything about this person and you can ask them directly about their experience.  Having this information will give you great insight into how
the broker will perform for you.
Take the information you’ve gathered and select 3-5 brokers who you think are worth speaking with.

Consult With the Brokers.

Develop a list of questions and interview each of the brokers who made your list through your reconnaissance process.  These questions will give you a sense of how experienced your broker is and how they will work for you.

Ask things like:

  • How long does the pre-qualification process take?
  • What process does the lender employ to decide if a borrower is qualified or not?
  • How many lenders do you work with?
  • What is the typical breakdown of brokerage fees and lenders fees?
  • What documents and information do you require from me?
  • How long will it take to close the transaction?
  • How should we decide if a fixed or variable rate is right for us?
  • What kind of long-term plans can we start to think about for how to pay down our mortgage more quickly?
  • What rates and how many options can they offer?
  • Are there any Provincial or Federal grants for first time home buyers?


It’s time to reflect and ask yourself:

Now that you’ve gathered the information you need, and these questions can help you evaluate and make narrow down your choices.




  • During the consultations did this broker demonstrate that my interests were their primary focus?
  • Did the broker help me understand the complexities of the loan agreement?
  • Did the broker give me a broad range of options and explain the benefits and drawbacks of each?
  • Did they help me plan for the future?
  • Ideas to pay down the mortgage quicker.
  • Investment options.
  • Which option ensured greater financial security?
  • Which option had the more reasonable fees?


Time to decide.

After doing all of the research and advice gathering you’ve done the necessary work to educate yourself and now you’re positioned to make the best decision possible.

Happy deciding!

About the author

Tanya Park administrator

Sales Representative - Streetcity Realty Inc., Brokerage - (519) 719-1221