Most people walk into a mortgage broker meeting blind, and that's how they get burned. A little upfront digging separates a pro from a salesperson with a license. Here's what actually matters when you're hiring one.
Licensing & Insurance Questions
Ask to see their license number right away. Every state has a public lookup tool — use it to confirm they're active and clean of major complaints. Errors and omissions insurance is non-negotiable. If they balk at showing proof, walk. That policy covers you if they mess up the paperwork, and mistakes in this business can cost you tens of thousands.
Experience & References Questions
Five years in the game is the bare minimum. You want someone who has closed loans through market crashes, rate spikes, and appraisal nightmares. Ask for three recent references from clients with a similar loan type to yours. Call every single one. Ask what went wrong and how fast they fixed it. A smooth talker who dodges reference requests is a red flag you shouldn't ignore.
Pricing & Timeline Questions
Get a written estimate of all fees before you sign anything. Ask how they get paid — borrower-paid, lender-paid, or a mix. Each structure changes your costs. Also ask about their typical close time. Anything over 45 days for a straightforward purchase is slow. For refinances, 30 days is standard. If they can't give you a straight answer on either, find someone else.
Contract Questions
Read the fee agreement carefully. Look for hidden junk fees like 'processing' or 'administration' charges that aren't itemized. Ask if there's a lock-in period for your rate and what happens if rates drop after you lock. A good contract lets you walk away within three days with no penalty. If they demand a non-refundable deposit upfront, that's a hard no.
Stop guessing — compare local mortgage brokers on RatingsNearMe to see who actually delivers.