Why You Should Interview Your Mortgage Broker (Before You Hand Over Your Documents)

Salmon Arm mortgage broker reviewing lender options with a first-time home buyer during a mortgage strategy consultation

By Leanne Mollica, Mortgage Broker – My Mortgage Strategy, Salmon Arm BC

Choosing a mortgage broker is one of the biggest financial decisions you’ll ever make — yet most borrowers don’t realize they’re allowed to interview their broker first.

And here’s the truth:
Becoming a licensed broker isn’t that hard… but becoming a great broker takes time, experience, and ongoing education.

You deserve someone who knows far more than a textbook.

The Hidden Reality: Not All Brokers Work the Same Way

Yes, every licensed broker can access lenders.
Yes, they can all quote a rate.
But that does not mean they’re all equally knowledgeable — or that they’ll get you the best approval.

A strong broker understands:

  • Rate sheets inside and out
  • Insurable vs uninsurable vs high-ratio
  • Lender policies (and the differences are wild)
  • Income nuances, especially for self-employed borrowers
  • The constant rule changes across every lender

This is the difference between:
❌ “Sorry, you don’t qualify.”
and
✔ “You’re approved — here’s how we structure it.”

How Different Lenders Can Change Your Entire Approval

Most Canadians assume lenders follow the same rules.
They absolutely do not.

Here’s just a taste of how different policies are:

  • CCB (Canada Child Benefit)
    • Some lenders accept it only until the child is 12
    • Some until 15
    • Some only allow federal benefits
    • Others allow provincial bonuses
    • Some will even allow it for a 16-year-old if it falls within a 2-year term
  • Appraisals
    • One lender uses instant auto-valuations
    • Another requires a full appraisal you must pay for
  • Refinancing differences
    • Some lenders let you blend your existing mortgage + line of credit
    • Others force a full refinance (which costs more)
  • Self-employed borrowers
    • Some lenders allow gross-up
    • Some accept add-backs
    • Some average NOAs
    • Some accept contracts + bank statements instead

If your broker doesn’t understand these differences, you could:

❌ Miss out on thousands in savings
❌ Get declined unnecessarily
❌ Be forced into a more expensive product
❌ Lose out on a home because the wrong lender was chosen

This stuff matters.

5 Questions to Ask Before Choosing a Mortgage Broker

If you’re starting your mortgage journey, ask these BEFORE you send your broker anything:

1. How many lenders do you work with?

More lenders = more solutions.

2. How do you stay up-to-date on mortgage rules?

Listen for:
✔ Webinars
✔ Licensing courses
✔ Underwriter calls
✔ Weekly rate-sheet reviews

3. How do you track lender policy changes?

The best brokers stay ahead of constant industry shifts.

4. What experience do you have with borrowers like me?

  • First-time buyers
  • Newly self-employed
  • Rental investors
  • Separated/divorcing borrowers
  • High net-worth
  • Credit repair

5. Why are you recommending this specific lender for me?

If their answer is:

“It’s the best rate.”

🚩🚩🚩
You need more detail than that.

Bonus Tip: Broker vs Bank Representative

A mortgage broker works for you.
A bank mortgage rep works for their employer — and can only sell their bank’s products.

One offers options.
One offers whatever their employer approves.

There’s a big difference.

Want a Broker Who Already Knows the Rules (So You Don’t Have To)?

That’s where I come in.
I track lender changes obsessively, stay on top of policy shifts, and match your file to the lender most likely to say YES.

No guesswork.
No confusion.
No crossed fingers.

Just strategy.

Have Mortgage Questions? I’d Love to Help.

📲 250-300-2008
📧 leanne@mymortgagestrategy.ca
🌐 MyMortgageStrategy.ca
📍 Serving Salmon Arm, the Shuswap, the Okanagan & all of BC

Turning Home Ownership Dreams Into Reality

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