10 Questions to Ask Before Hiring a Mortgage Broker

The difference between good and great

Any licensed broker can get you a mortgage. A great broker saves you money, time, and stress. Ask these 10 questions before you commit.

### 1. "How many lenders do you work with?"

The right answer: 20 or more. A broker with only 3–4 lender relationships is not much better than a bank. You want someone who shops broadly.

### 2. "Will you show me multiple options?"

A good broker presents at least 3 Loan Estimates — different rate/fee combos. If they give you just one option, they are not shopping, they are placing.

### 3. "What is your fee?"

Broker fees vary. Some charge 1% origination, some charge a flat fee ($2,500–$5,000), and some get paid entirely by the lender. Ask for it in writing on the Loan Estimate. Anything over 1.5% needs a good explanation.

### 4. "Are you a fiduciary?"

Mortgage brokers are not fiduciaries in most states, but some operate as such. Ask directly: "Are you legally required to act in my best interest?" If they say no, ask why.

### 5. "How long does your average loan take to close?"

Average: 30–45 days for a purchase, 21–30 days for a refinance. If they say "2 weeks," they are either overconfident or inexperienced.

### 6. "Can you connect me with recent clients?"

A confident broker says yes immediately. If they hesitate or make excuses, that is a red flag.

### 7. "What happens if rates drop after I lock?"

Ask about float-down policies. Some lenders let you re-lock at a lower rate once (usually for a fee). Others do not.

### 8. "Do you specialize in my loan type?"

If you are self-employed, ask about bank-statement loans. If you are buying a condo, ask about condo-review experience. A generalist may miss nuances.

### 9. "Who will handle my loan after application?"

At some shops, the broker hands you off to a processor and you barely hear from them again. Ask if you will work directly with the broker through closing.

### 10. "What is your success rate with my credit profile?"

Give them your credit score range and DTI. A honest broker will tell you if you need improvements before applying — and what those improvements would save you.