A top mortgage broker should welcome detailed questions. The answers help you compare the whole mortgage and avoid surprises later.

– Why does this lender and product fit me? Ask for the reasoning in plain language and how the recommendation connects to your goals.
– What is the total cost? Confirm the rate, payment, lender or broker fees, appraisal costs, legal costs and any other charges that apply to your situation.
– How is the prepayment penalty calculated? Fixed and variable mortgages can use different formulas. Ask for examples and understand what might happen if you sell, refinance or break the term early.
– What can I prepay each year? Review lump-sum and payment-increase privileges, when they reset and whether unused room carries forward.
– Can I move, refinance or add a HELOC? Portability, blend-and-extend options, collateral charges and refinance restrictions can matter long before renewal.
– What conditions remain? An approval may still depend on income documents, down-payment verification, appraisal, insurance or property details. Get a clear list and deadlines.
– What happens after closing? Ask who supports you at renewal, where payments and tax information are found, and how early your options should be reviewed.

These questions are useful whether you are speaking with a bank representative or a mortgage broker in Pickering, Durham Region or anywhere in Ontario. Murali Raveendran encourages borrowers to compare answers, not just advertisements. A low rate can be valuable, but only when the mortgage also fits your plans.

Bring your estimate to the conversation and use these seven questions as your checklist.
Bring your estimate to the conversation and use these questions as your checklist.