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Mortgage Broker FAQ’s | Scott Dawson
(778) 668-9320 [email protected]

As a mortgage broker I’m asked questions from my clients on a daily basis. There’s no such thing as a silly question, especially when we’re talking about the largest purchase of your life. Many of these questions come from clients that have never used the services of a mortgage broker before and they have questions about what our role is in the homebuying process and how we are compensated.

I’ve compiled a list of some of the most frequently asked questions I receive but encourage you to contact me or leave a comment if you had a question of your own.

  • What is the role of a mortgage broker?
  • As an independent mortgage broker, we’re not tied to any one lender or range of products. Our goal is to help you successfully finance your home. We start by getting to know you and your home ownership goals. We’ll make a recommendation, drawing from available mortgage products that match your needs, and we will decide together on what’s right for you.

  • What mortgage products do you offer?
  • We work directly with both bank and non-bank lenders and can quickly narrow down a list of those that suit your individual situation and goals best.

  • Why are you recommending a particular mortgage or lender?
  • We ensure that you’re getting the best rates and terms. When deciding on a lender we discuss what’s important to you in regards to the terms and conditions of the mortgage. For example, if prepayments are important to you then we could place you at a lender that has the best prepayment options.

  • What is your relationship between you and the lender?
  • While we represent both our clients and the lender it is our fiduciary duty as a mortgage broker to recommend the most suitable mortgage product.

  • How are you compensated?
  • There’s absolutely no charge for our services on typical residential mortgage transactions. In rare cases when clients don’t qualify for an A lenders products a fee may be charged from the lender. If this is the case this will be disclosed upfront so you are aware of all costs involved.

  • Do you have references?
  • Of course we do. Many of our client and business partner references are on our testimonial page. We’re also more than happy to provide a list of references.

  • How long will it take to process my application?
  • The internet has made it easy to apply for a mortgage. Once your application and credit check authorization has been received we can typically have you pre-approved for a mortgage within hours.

  • What documents do I need to provide?
  • Our Homebuyers Guide goes over typical documentation required in obtaining a mortgage. Our job is to make the mortgage process as smooth and stress free as possible so we’ll never ask for more documentation than is required by the lender.