When it comes to securing a mortgage, working with a mortgage agent can be a great option as they can help you navigate the complex mortgage market and find the right mortgage product for your unique needs. However, not all mortgage agents are created equal. To ensure that you are working with a reputable and trustworthy mortgage agent in Kingston, it is important to ask the right questions.
Here are 10 questions you should ask before working with a mortgage agent:
1. What is your experience in the mortgage industry?
This question is a no brainer but I’ve had many clients never ask this question. It is important to work with an agent who has extensive knowledge and experience in the industry. Ask about their background, how long they have been working in the mortgage industry, and what kind of clients they typically work with.
2. Are you licenced and registered?
In most provinces, including Ontario, mortgage agents are required to be licenced and registered. Ask the mortgage agent if they are licenced and registered with the appropriate regulatory body in your province. A licenced agent has met the requirements for education, training, and experience, and is held to a high standard of professionalism and ethics.
3. What mortgage products do you offer?
Mortgage agents work with a variety of lenders and can offer a range of mortgage products including first-time home buyer, refinance, renewal, and HELOC. Ask the agent about the different types of mortgage products they offer, including fixed-rate mortgages, variable-rate mortgages, and other specialty products. Make sure the mortgage agent can offer the kind of mortgage product you are interested in.
4. What are the costs associated with your services?
Most times, you don’t have to pay an agent any fee as they receive commission from the mortgage lender you choose to get the mortgage from. However, I feel it’s best to ask them about the costs associated with their services and how they are calculated. Make sure you understand all the costs upfront before agreeing to work with the mortgage agent.
5. How do you determine which lender to work with?
Agents work with a variety of lenders and can help you find the right lender for your unique needs. Ask the mortgage agent how they determine which lender to work with and what criteria they use to select a lender. Before you ask this question, do your research on which lenders offer the best terms and rates to your specific mortgage category.
6. What is the application process like?
As a prospective or current homeowner, you are responsible for providing the correct documentation. However, if your case requires additional documents, the agent must be thorough with the list. Make sure you understand the timeline for the application process and any potential delays that may arise.
7. What is the interest rate and how is it calculated?
The interest rate is an important factor to consider when choosing a mortgage product. Ask the agent about the interest rate and how it is calculated. Make sure you understand the terms of the mortgage product and any potential changes to the interest rate over time.
8. What kind of customer service can I expect?
Customer service is important when working with a mortgage agent, especially when you are a first-time home buyer. Attending your doubts and questions is part of the agent’s customer service. Ask about the kind of customer service you can expect, including how responsive the mortgage agent is to your needs and concerns.
9. How do you ensure my personal information is protected?
Agents will need to collect personal and financial information from you during the application process. Ask the mortgage agent about their policies and procedures for protecting your personal information and ensuring it is kept confidential.
10. What happens if I have trouble making payments?
Ask the agent about their policies and procedures for handling late or missed payments. Make sure you understand the consequences of missing a payment and what kind of support the mortgage agent can offer if you experience financial difficulties.Working with a mortgage agent has to be a smooth and hassle-free journey. The agent should not only be informed and updated about the market but should also recommend unique solutions to help you save on the mortgage rate. If you’re looking for an experienced mortgage agent in Kingston, get in touch with Leo Ragusa today.