The selection of a mortgage provider is an important part of the home-buying process. Instead of going to your bank or an individual lender, you may want to consider using a mortgage broker who has access to multiple lenders and products. There are plenty of brokers to choose from, but selecting the right one can be a challenge.

Here are 10 questions you should ask a mortgage broker before handing over your mortgage.

1.     How long have you been a mortgage broker?

Scope out how much experience the mortgage broker has. The more experience with varying situations and clients, the better.

2.     What kind of education/licensing do you have?

There is no governance organisation at the federal level for mortgage brokers, and licensing varies province-to-province. In Ontario, mortgage brokers must meet the education and experience requirements as determined by the Financial Services Commission of Ontario FSCO.

 Ask to ensure the mortgage broker is fully licensed and has the proper educational training. You may also want to inquire if they are affiliated with any mortgage associations such as the Canadian Association of Mortgage Professionals (CAAMP).

3.     Where do you find your business?

The best mortgage brokers will generate a lot of business from referrals and repeat customers. This indicates they are doing a good job.

4.     What are your hours of availability?

Most mortgage professionals operate independently which means they’ll have extended business hours. Also, the more lines of communication (email, mobile number, business number, etc.) a broker has, the more access you will have.

5.     Are you affiliated with any lenders?

This one is very important because it will give you an indication of the relationships the broker has in place. If they are only affiliated with a handful of lenders, you will only have access to a handful of products. Typically, good brokers have relationships with multiple lenders.

6.     Do you have any fees that I should know about?

This may be difficult for a broker to assess in your first conversation, but, unless you have special circumstances, the broker’s services should be free. It is the mortgage lender that pays the broker in the form of a finder’s fee.

7.     Do you specialize in anything?

This question is particularly important if you have unique circumstances. If you are self-employed or are new to Canada, for example, you will want an experienced broker handling your file.

8.     What other costs should I be aware?

A mortgage broker should not only provide you with competitivemortgage rates, but offer you general financial guidance in buying a home. They should be able to provide an estimate of your closing costs and taxes, and arrange for a reference with a real estate agent or lawyer if you need one

9.     How often will we be in contact?

Good mortgage brokers maintain a line of communication with their clients after the mortgage closes, providing them with relevant news and other industry insights.

10.  What do you love about your job?

This last one may seem like an irrelevant question, but it is important to find a mortgage broker you connect with and is passionate about what they do. Asking a personal question (not too personal) will allow you to see the broker’s personality and help kick start your relationship with them.