What to Ask Your Mortgage Broker Before You Buy a Home

Navigating Ontario’s housing market can feel overwhelming, but a quick chat with your mortgage broker can make all the difference. Before you commit, make sure you’re asking these essential questions to set yourself up for success. 

What Mortgage Options Fit My Needs? 

Learn about the difference between fixed and variable rates, open versus closed mortgages, and more. This helps you choose a plan that suits your lifestyle and budget. 

How Competitive Are My Interest Rates? 

Ask how your rate compares to Ontario market averages and what factors might adjust it over time. Clear knowledge here sets realistic expectations from the start. 

What Will My Total Monthly Payment Look Like? 

Don’t just focus on the mortgage amount. Find out how taxes, insurance, and any other costs factor into your final payment so you can budget wisely. 

How Much Can I Truly Afford? 

Just because you get pre-qualified for a certain amount doesn’t mean you should stretch your budget. Understanding your true affordability now saves you stress later. 

What Fees Should I Anticipate? 

Besides the down payment, there are closing costs, legal fees, and other expenses. A detailed outline from your broker keeps surprises at bay. 

Can I Pay Off My Mortgage Early? 

If you plan on making extra payments or clearing your mortgage ahead of schedule, find out if there are any prepayment penalties or restrictions. 

What’s the Plan If Interest Rates Change? 

Especially important if you choose a variable rate option. Get a clear picture of how rate fluctuations can affect your monthly budget. 

Who Are Your Lender Partners? 

Discover if your broker works with major banks, credit unions, or other lenders, and how these relationships shape your mortgage options. 

What Does the Process Look Like Next? 

Clarify the steps ahead - from gathering documents to timeline expectations - so you know exactly what to expect as you move forward. 

Empower your homebuying journey in Ontario by asking the right questions. Your mortgage broker is there to guide you, and a little preparation goes a long way to ensuring a smooth, stress-free process.