10 Questions to ask your Mortgage Broker Before applying for Mortgage!!

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10 Questions to ask your Mortgage Broker Before applying for Mortgage!!

There are many mortgage brokers in Whitby offering their services in the market. They browse many lenders and unions, so you enjoy the best rate and mortgage terms. They act as an intermediary between you and any lending organization. So, as a new or existing homeowner in Whitby, you are searching for the best-suited mortgage solution for you. Among so many options, how do you make the most out of this transaction with your mortgage broker? How would you know for sure if this mortgage broker is suited to your needs?

We have outlined the top 10 questions, so you can make the right and informed decision about one of the biggest financial decisions of your life.

Top 10 RIGHT questions:

About interest rates: Interest rates are one of the most important parts of your mortgage. It directly impacts your payment amounts on a monthly or bi-weekly basis. Mortgage brokers in Whitby have helped many new homeowners qualify for better rates. Better rates will help you save hundreds and thousands of dollars over the course of the duration of your loans. Discuss with your mortgage broker about your financial standings and the range of rates you are eligible for your mortgage. Lez Gomez and his team of mortgage brokers in whitby have successfully found excellent mortgage rates for their Whitby clients.

General information about mortgage process: Many Canadians (new and old) find the whole process of mortgage application very daunting and time-consuming. Mortgage brokers apply for mortgages for many people with various financial situations on a daily basis. At Lez Gomez, we have a clear understanding of knowledge of the application and approval process. We also help our clients understand various types of terms and types of mortgages.

Origination Fees: Sometimes, lenders charge “origination fees”. Ask your mortgage broker about these charges.

Down Payment: Another important part of your mortgage application is the amount of down payment. Many first time buyers in Whitby falsely assume that the larger down payment the better rate they will receive on their mortgage loan. The rate of your loan does not solely depend on the down payment amount. Discuss with your mortgage broker in Whitby about the down payment amount options and your best financial suited percentage for your monthly mortgage payment.

Loan Estimate: We have helped many home buyers in Whitby narrow down their home search by identifying the most affordable price range. Mortgage brokers can help home buyers understand the true cost of homeownership. Lez Gomez and his team of experienced mortgage brokers in whitby have helped many home buyers successfully buy their dream home. Also, we have helped create a plan for our clients to enjoy better financial stability in their lifestyles. We provide true to real-life estimates to our clients so they can start the process of homeownership with real-life expectations.

Hidden Costs: Along with any financial commitments, there can be various types of hidden charges or periodical charges. And these costs should also be taken into account in the final monthly payments. Ask your mortgage broker about these costs. Some of the most common costs incurred during the home buying transactions are appraisal and lawyer fees. Some of the other costs are land transfer tax and closing costs. Usually, these costs have to be covered by the buyer using their own cash flow. These costs are not reflected in your mortgage payments but are a necessary expense when purchasing a home.

The penalty fee for pre-payment or extra payment: Sometimes, you can have extra savings and you want to put towards your home payment. There can clause in your mortgage agreement which can penalize you for such payments and actions. Ask and discuss your final mortgage agreement in detail regarding all these clauses. Ensure you have a clear understanding of these terms. Ask your mortgage broker if they can negotiate better terms for you.

Closing time: Ask your mortgage broker about a guarantee on closing on your mortgage. When your mortgage is approved and finalized only then you can move forward with your moving into your dream home.

Fixed or Variable Rate: There are different rates for both types of mortgage rates. Ask your mortgage broker in whitby about the pros and cons of choosing fixed or variable rates. Either of the rates can be suited for people in different financial scenarios. Ask your mortgage broker which is suited for you.

Documents needed for approval: Since mortgage brokers are not regulated by banks, they do not need such a large variety of paperwork along with your application. It not only reduces your upfront costs but also fastens your approval process. Inquire about the required documents so you are on the fast track to buying a home.

The difference between a good and a great mortgage broker lies between their customer services towards their clients. Lez Gomez and his team of mortgage brokers in Whitby have been helping home buyers get fast mortgage approvals. Call us today and experience the difference of superb customer satisfaction and quality of service.

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