Brokers Are Better · February 7, 2025
10 Questions to Ask Your Mortgage Broker Before Committing
Not all mortgage brokers are equal. These 10 questions reveal experience, transparency, and alignment with your interests before you share your financial information.
Choose your mortgage broker the same way you'd choose any important financial professional — by asking the right questions.
1. How Many Lenders Do You Work With?
Minimum: 10–15 wholesale lenders. More access = more competition for your loan.
2. Are You a Broker or a Retail Loan Officer?
A broker shops multiple wholesale lenders. A retail loan officer offers only their employer's products. Know which you're talking to.
3. How Are You Compensated?
Broker compensation is regulated and disclosed. Typically 0.5%–2.75% of loan amount, paid by lender or borrower (not both). Demand transparency.
4. Which Program Do You Recommend and Why?
A broker should explain reasoning. Pushing one program immediately without understanding your goals is a yellow flag.
5. What Rate Are You Quoting and Is It Locked?
Is this a real quote from a lender or a generic estimate? What are the lock options and costs?
6. What Are My Total Closing Costs?
Demand a detailed breakdown — not vague estimates. Good brokers provide a Loan Estimate or detailed fee worksheet upfront.
7. What's Your Average Time to Close?
Industry standard: 30–45 days. Ask about their actual track record.
8. What Happens If My Loan Hits a Problem in Underwriting?
Their answer reveals experience and problem-solving capability.
9. Who Manages My File From Start to Finish?
Understand whether you'll deal with one person or be handed off.
10. Can You Provide Recent Client References?
A broker with a strong track record should provide references easily.
HMS answers all of these questions with full transparency. Call 309-222-8286.