A mortgage broker should be able to listen and understand the fact that every situation is unique. When it comes to loans, there are things that you know, you don’t know and things that you don’t know, you don’t know. He should be able to fill the gaps for you and clearly explain the application process, timelines, costs and any specific query that you may have.
You are confiding in your mortgage broker and sharing private information that you normally won’t share with anyone except your accountant. Before choosing your mortgage broker, do your due diligence. With an open review system on Google and Social Media, you can find out about the experience of previous customers. You can also ask your friends and relatives if they have dealt with the same broker.
Your mortgage broker is expected to have a deep understanding of the home buying processing with the current market conditions. Ask questions about lenders, contingency based loans, variable rate v/s fixed rate, LMI etc to test the knowledge of your broker. If he answers satisfactorily, then by all means go ahead and do business with them.