Sometimes when you sit down with a mortgage broker, you might feel that they are assessing whether you are worthy of their time.

Remember, the home loan broker is on trial just as much as you are - if you're not comfortable with them personally, or the advice they give you, you are free to walk away and take your business elsewhere.

This guide is intended as a starter to help you understand what sort of questions you should be asking a prospective mortgage broker.

By asking the following questions of your mortgage broker, not only are you ensuring that you are well informed, but you're also showing the broker that you are educated enough to ask the right questions:

1. What is the interest rate on this mortgage? You need to understand exactly how much you will be paying in interest over the life of the loan. Do you have a 'honeymoon' rate for the first fraction of the loan term? You need to know what the interest rate will be after the honeymoon period finishes, so that you can calculate that you can comfortably afford the repayments.
2. Do I have the ability to lock the interest rate, and if I do, how much will it cost me? Most mortgages have what is called a 'variable' interest rate, which means that the interest rate may go up and down during the life of the loan. You may decide at some point during the life of the loan that you want to fix the interest rate you are paying. Be sure to ask your broker if there are any fees or charges if you should decide to fix your rate.
3. What are the bank loan approval guidelines? Bank loan guidelines will relate to your income, assets, liabilities, employment, and credit history. You need to understand the bank lending guidelines to ensure that you have the appropriate documentation ready.
4. How long is the applicatication approval process likely to take? The time to process and approve or deny your loan will vary from lender to lender. You need to make sure you get a realistic timeframe for the processing of your application so you know when you can start house-hunting.
   
5. What documentaion do I need? You will need to provide documentation to verify that you are able to afford the loan repayments. Find out from your broker what documentation you will need in advance, to save unneccessary and time consuming hassle when you sit down with the broker.
6. What is the minimum deposit required for the loan? The type of loan and the percentage of the house value that you are borrowing can have an effect on the interest rate you pay on the loan. The higher deposit you can afford to pay, generally speaking, the lower the interest rate you will pay on the mortgage.
7. What other charges are rolled into the loan? Every mortgage is accompanied by various fees and charges. Some of these might include stamp duty, bank solicitors fees, valuation fees and application fees. It is important that you understand these fees, and whether they can be rolled into the loan, or you need to pay them up front.
8. Can I make additional payments on the loan? Some mortgages allow you to make additional payments, while some only allow you to make the minimum payments. If additional payments are allowed, you need to find out if these extra payments are credited towards the principle, or the interest only.
9. Will I be penalised if I repay the loan early? It's important to know if you choose to pay off the loan early, there will be any early exit fees