These are the 8 questions you should be asking your Licensed Mortgage Broker/Agent
1. Know what to expect.
Asking the following questions helps ensure your broker or agent has your interests top of mind.
2. Are you licensed by the Financial Services Regulatory Authority of Ontario (FSRA)?
All brokers or agents must be licensed by FSRA to ensure they have the proper credentials. You can also check FSRA’s public registry to see if they are licensed
3. What is the process I can expect when working with you as a mortgage professional?
This is a fiduciary duty, and your broker or agent should be able to explain the processes for obtaining a mortgage so you know what to expect.
4. How do the mortgage options you recommend make sense for my situation?
Please note, holistically your broker/agent must think about your specific situation and present product options that best meet your needs.
5. What other fees or costs are involved in getting a mortgage, and how are these paid?
Disclosure is a must. Your broker/agent must disclose all actual fees and when they are paid in an honest and timely manner.
6. How many lenders do you work with, and what is your relationship with them? How and when are you paid, and do you get a commission from securing a mortgage?
Conflict of Interest is real. Your broker/agent should fully identify and disclose to you any relationships and/or conflicts of interest they may have in connection with the mortgage.
7. Do you have plain-language materials that explain the risks involved in getting a mortgage and, in particular, the mortgage you recommended to me?
Your broker or agent must tell you about the material risks of each mortgage option recommended to you. He or she should do it in a way that is easy to understand.
8. What types of information will you need from me? How will it be used and protected?
Clearly, your broker or agent will request information related to your job, income, credit score, current address, and any additional information.
Albeit, your broker/agent must ensure your information is protected.
Additionally, view the national Code of Conduct for the Mortgage Brokering Sector to learn more about the type of service you should expect from a broker or agent.
Moreover, if you believe a mortgage broker or agent has acted inappropriately, please visit fsrao.ca to review the complaint process.
