Getting a mortgage is one of the biggest financial decisions you’ll make, so it’s important to get it right. That’s where a mortgage broker comes in—they’re your guide to finding the best loan, but it’s up to you to ask the right questions to ensure you’re making an informed choice.

Not sure where to start? Here are the top questions to ask your mortgage broker before you sign on the dotted line.

1. What Type of Mortgage Is Best for Me?

There’s no one-size-fits-all mortgage, and the best option for you depends on your financial situation and long-term goals.

Your broker should explain the pros and cons of:

• Fixed vs. variable rates
• Short-term vs. long-term mortgages
• Options like open, closed, or hybrid mortgages

“The right mortgage isn’t just about the lowest rate—it’s about what fits your life and future plans.”

What to Ask:

• How will this mortgage fit my budget and goals?
• What are the risks of the type of mortgage you’re recommending?

2. What Interest Rate Can I Expect?

Interest rates directly impact your monthly payments and the overall cost of your mortgage. It’s important to understand not just the rate you’re being offered, but how it compares to the market.

What to Ask:

• Is this the best rate available to me?
• What factors affect the interest rate I qualify for?
• Is the rate fixed or variable, and what does that mean for my payments?

3. What Are the Total Costs of the Mortgage?

A mortgage is more than just a monthly payment. You’ll want to understand all the costs involved, including:

• Closing costs (legal fees, appraisal fees, etc.)
• Insurance costs (CMHC insurance if your down payment is less than 20%)
• Prepayment penalties if you pay off the loan early

What to Ask:

• Can you provide a breakdown of all the costs involved?
• Are there any fees or charges I might not be aware of?

4. What Is the Amortization Period and Term?

Your amortization period (the total time to pay off your loan) and mortgage term (the length of your agreement with the lender) affect your payments and flexibility.

For example, a shorter amortization period means higher payments but less interest paid overall.

What to Ask:

• What’s the difference between the amortization period and the term?
• How does the term affect my options when it’s time to renew?

5. Are There Prepayment Options?

Paying down your mortgage faster can save you thousands in interest, but not all mortgages allow prepayments.

What to Ask:

• Can I make extra payments without penalties?
• How much of my mortgage can I pay off early each year?
• Are there lump-sum payment options?

“Flexibility in paying off your mortgage can make a huge difference in the long run.”

6. What Happens If I Break My Mortgage Early?

Life can be unpredictable, and you might need to sell your home or refinance before your mortgage term ends. Breaking a mortgage can come with penalties, so it’s important to know the rules upfront.

What to Ask:

• What are the penalties if I need to break my mortgage early?
• Are there ways to minimize or avoid these penalties?
• How do fixed and variable rate penalties differ?

7. What Lenders Are You Working With?

A mortgage broker works with multiple lenders, giving you access to more options than you’d have on your own. Understanding who they’re working with helps you gauge whether you’re getting a wide range of choices.

What to Ask:

• How many lenders do you work with?
• Are you affiliated with any particular lenders?
• Will you show me multiple options to compare?

8. Can You Walk Me Through the Approval Process?

The mortgage approval process can feel overwhelming, especially for first-time buyers. A good broker will walk you through every step and explain what’s required.

What to Ask:

• What documents do I need to provide?
• How long will the approval process take?
• What can I do to improve my chances of approval?

9. What Happens When It’s Time to Renew?

Most mortgage terms last 1–5 years, but your amortization period might be 25 years. When your term is up, you’ll need to renew, which could involve new rates or terms.

What to Ask:

• How does the renewal process work?
• Will you help me shop around for better rates at renewal?
• Are there fees involved in renewing my mortgage?

10. How Will You Support Me After I Sign?

Your mortgage broker’s role doesn’t necessarily end when you sign your mortgage. Some brokers offer ongoing support to help you manage your mortgage effectively.

What to Ask:

• Will you be available if I have questions after I sign?
• How can I reach you if I need advice in the future?
• Do you provide guidance for refinancing or renewing down the line?

Final Thoughts

Asking the right questions isn’t just about getting answers—it’s about empowering yourself to make the best possible decision. Your mortgage broker should be a trusted partner who helps you navigate the process with confidence.

If you’re ready to take the next step or want to chat about your options, let’s talk. I’ll guide you every step of the way to ensure you’re making an informed and confident decision.

Ready to get started? Reach out today, and let’s find the right mortgage for you.