When going to borrow money from someone, it is only natural that one can feel a little nervous. However keep in mind that the person sitting across from that desk is actually there to work for you. You are the client and that person should be making you feel as appreciated as possible.

When you are the client, I feel that makes you the boss. So you should be interviewing your mortgage professional before you decide to work with them.

Here are some questions that you should ask every single mortgage professional you might want to deal with.

What kind of education and licensing do you have?

You want someone who has specific training towards mortgages. If they can't tell you exactly what course they have studied to become this mortgage professional, you might want to look somewhere else.

Also you want to make sure that they have licensing specific to dealing with mortgages in your province.

What mortgage associations are you affiliated with?

Finding a mortgage specialist who is affiliated with a professional mortgage Association is one strong step in ensuring this process goes smoothly for you. Mortgage associations require that their members agree to a standard of ethics in lending. Also associations require a certain level of education to be a member.

All of this means greater security for you. You want to make sure that your mortgage professional deals with a third party professional mortgage Association.

Can you provide me testimonials?

Testimonials demonstrate that your mortgage professional has a track record of high quality service and getting deals done. You want to know how others have found the experience in dealing with this specific mortgage professional.

Now I say testimonials and not references. The reason is that I personally will not give references. I find that to be a bother to my previous clients, and not respecting their privacy.

But I do collect testimonials from as many clients I can get, and so should any mortgage professional but you deal with.

How many options will you provide?

The whole point of going to a mortgage broker is that they are able to provide you with many different products that bankers are not able to give. Ask for at least three options.

Your mortgage professional should be able to happily provide those, and describe to you in detail the pros and cons of each loan. They should also be able to provide their expert opinion of which loan is most suitable for you and your circumstances.

What all do you do in your job?

You want to find someone who focuses entirely on mortgages. The mortgage industry changes daily, both in terms of interest rates and regulations.

Someone who spends part of their job doing mortgages, but part of their job doing new accounts, investments, estate planning, etc. is not likely to have the expertise that will benefit you for your mortgage application.

You want someone to answer “I only deal in mortgages. That's my whole job”

What is the interest rate and the annual percentage rate of the loan?

This is a common question that few people miss. In fact the interest rate is often the only question that they ask. That's because it's such an important question. The interest rate dictates how much this mortgage will cost you.

Now remember, you can't judge a mortgage by interest rates alone. There are many other factors involved. Don't fall for the trap of getting a lower interest rate with poor terms and conditions.

The annual percentage rate (APR) is a combination of the interest rate, fees and other charges divided by the loan's term to give an annualized rate. It is the best way to properly compare loan costs.

There is no APR on a variable rate mortgage.

How much is the lender fee?

Typically the answer should be zero. Your mortgage professional should be paid by the bank that gets the loan, not you.

There are some circumstances where there will be a lender fee. This usually happens when there are credit issues, and when those credit issues are so severe that bank automatically says no. When there are fees it should be told to you immediately.

Will you provide a closing costs estimate?

A closing costs estimate is an estimate of the whole costs that will be in charged to you by working on this mortgage.

Few, if any, of these charges will be from your mortgage professional himself. But they will be costs that happen in the course of a mortgage. See the section on closing costs to see what type of costs typically occur.

A good mortgage professional will have no issue whatsoever with providing a closing costs estimate. They should've done this so many times that they can give a reasonable account of what your specific situation will cost you.

How long will it take to process my mortgage?

It takes time for mortgages to be approved due to the number of people involved. And when time is a factor, you want someone who can go fast.

Loans should have some sort of answer within 2 to 3 business days. Now that is assuming you have provided your mortgage professional with all of the information documentation that they have asked for. Nothing can really get started until you have done that.

How often will we be in contact?

I like to stay in contact with my clients at least every two days. That’s my standard.

But I’d say the answer here should be at least once a week.

What is your experience with first-time buyers/self-employed/poor credit?

Get some actual examples from your mortgage specialist where they have dealt in a situation similar to yours. You want to make sure that there is a track record of experience specific to your circumstances.

If they don't have any experience with your specific circumstances, find somebody who does.