What should you look for in a mortgage broker?

[Made In Alberta <ash_walke>]

My bf & I are in the market of buying house... we are wanting the broker to do a pre-approval to see how much we could qualify for. What do we look for/what kind of questions should we ask.

(This would be our first home)

[Rachel?]

They are getting tougher and tougher on loans because of all the foreclosures. I would just get it from a bank, and skip the broker.

[Rico]

Don't pick a mortgage broker, pick a mortgage company. If you have good credit go online to Countrywide.com, you can be preapproved and they will assign a local broker for you. They are the largest in the U.S. and have the best rates and terms. If you don't like that idea, go to your bank and talk to them.

Pre-approval means very little by the way. Until you submit an application they can tell you whatever you want to hear.

[Rick in Cali]

Mortgage brokers are in a cut-throat business that is very, very tough right now with low turnover of real estate and a credit crunch because of years of bad loans.

That said; I wouldn't deal with a mortgage broker unless I talked to someone I trust who has dealt with them before. Even then, I would ask for the phone numbers of 5 of their clients and I would call them. Someone reputable will give that up in a heartbeat and I'd walk if they weren't prepared to do it on the spot.

This is the biggest financial decision of your life. I'm all for investing in your primary residence - but don't fall in love or do what's expedient. Treat it like the most important financial transaction you'll ever enter and you'll be ok. Good luck!