What to ask your Mortgage Broker?
Navigating the home buying process can be mind boggling, which is where your mortgage broker’s help comes into play. Your mortgage broker should be able to field your questions and to help put your mind at ease.
Here’s a small list of just a few questions you should ask your mortgage broker when purchasing your home.
What documentation do I need?
Many home buyer’s liken the home buying process to an inquest because of the large amount of documentation that is required. You can save yourself a considerable amount of time and confusion by asking your mortgage broker beforehand what documents you need to compile. The most common documentation includes proof of income, bank statements, and any loan documents from previous loans.
How long will the loan process take?
Time is of the essence when it comes to purchasing a home. Finding out how long the home loan process will take can help you adequately plan and save.
What are my closing costs and other fees?
Buying a home costs more than just the amount of your loan. Closing costs and other fees can add up to extra expenses that you should be prepared to pay for. Asking what your costs are up-front can help you allocate your money accordingly.
What mortgage interest rate will I pay?
Although mortgage interest rates fluctuate every day, your mortgage broker should be able to give you some sort of idea of what rate you can expect to pay, based on the type of loan you are applying for.
What types of loans do you do you qualify for?
Your personal circumstances may entitle you to advantageous loan products. Also, your Origin Finance Mortgage Broker will have access to loan products not available to the general public, by lenders directly. Your broker will discuss your options based on your individual circumstances and requirements.
Are there any possible penalties I may incur?
Borrowers are sometimes charged a fee for paying off their loans early, particularly in fixed interest loans . It’s important that you are made aware of any prepayment penalties before you sign off on any loan.
Feel free to ask your Origin Finance mortgage broker any questions that you may have. It’s only by asking questions that you are certain to get the peace of mind that you desire during your home buying process.