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National Association of Mortgage Planners
Questions to Ask a Mortgage Broker
As a consumer considering the purchase of a home and the financing of that home, or the refinancing of a current home, you may realize a number of benefits when better informed about mortgage practices.
The questions below are specifically designed to assist the consumer when interviewing mortgage brokers. Consumers have rights and remedies and should expect a reasonable and professional level of competent service from the mortgage broker.
Answers to these questions may help guide the decision making process in selecting not only the best loan program but also the best mortgage broker for your particular requirements.
- In what way will the services you provide as a mortgage broker offer financial benefits to me throughout my home ownership?
- Will you provide me with a copy of the wholesale interest rate sheet for the various loans I may consider?
- Will you disclose all fees to me that you or your company expect to earn from placing my mortgage, whether those fees are paid directly or indirectly by me, and whether they include
origination fees, discount points, premium release fees, service
release fees, or other rebates?
- In what ways can you assure me that I can avoid the payment of unnecessary add-on loan expenses or "junk fees"?
- Is it your company policy to disclose sales price and contract terms to the appraiser you hire to evaluate the property on my behalf, and how will this disclosure or non disclosure benefit or harm my financial interests?
- Typically, what possible property defects or adverse environmental conditions do you require repaired as a condition of loan approval?
- What suggestions about the various loan programs that are available would you recommend to help insure my best possible equity realization on a subsequent resale of the home I am buying or currently own?
- If you are representing my borrowing interests, how will you insure that I will be reasonably protected and informed throughout the loan process?
- If you harm me in any way, will you reimburse all fees to me you and your company earn as a result of placing my loan?
- If I donít select your company for mortgage services, which two other companies would you suggest I interview and why?
- If I pay for a copy of my credit report and appraisal report, when will I be furnished with copies of those items?
- If I make the decision not to use your company to place my loan, will I get my original loan package back and when will it be delivered?
- How far in advance of closing will you furnish me a closing statement?
- Will you explain in terms I can understand the purpose of all my closing expenses and who receives them as well as an explanation of the fee amounts you expect to earn?
- What other parties can pay a portion or all of my closing expenses?
- Can the commission/fee I may owe my real estate broker be included as part of the loan amount?
- What other mortgage program options are available in the market place that may provide financial advantages for me even if your company doesn't offer those options?
- Will you attend the closing of my purchase transaction to answer additional questions about my mortgage obligations and the loan documents I am required to sign?
- Will you furnish me a list of past borrowers for reference purposes?
- Do you intend to sell my loan and, if so, when will it be sold and how will that process benefit or harm me when I later expect services from you?
- What is your experience in placing mortgage loans?
- What specific training or certification do you have in "Representing" loan borrowers?
Why use a Mortgage Planner?
Understanding "True Agency"
Smart Home Buying Tactics
Home Buying Action Plan
Questions to Ask - Yourself
Borrower's Bill of Rights
How to Hire a Real Estate Agent
How NOT to Buy a Home!
NAMP Members - Location Map
Mortgage Planning = Savings - Article
NAMP - National Association of Mortgage Planners
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