You’ve saved up, you’ve done your research, and you’re finally ready to take the plunge and buy a home. Congrats! The next step is finding a mortgage that fits your needs and budget. But before you start filling out applications, there are a few questions you should ask your mortgage broker first to ensure you get a better home loan deal.
Here’s a starting list to get the conversation going:
- What type of loan products do you offer?
- Do you have any recommendations for me based on my unique situation?
- What are the interest rates and fees associated with each loan product?
- How long will it take to process my loan application?
- How much money will I need to provide for a down payment?
- What is the minimum credit score required to qualify for each loan product?
- Do I need to provide proof of income or employment history?
- Are there any restrictions on how I can use the loaned money? (e.g., investment properties only)
- Can I pay off the loan early without penalties?
- Do you have any reviews or testimonials from past clients I can read?
- Do you have any promotions or specials running right now that I could take advantage of?
- Who do I contact if I have questions or need assistance during the loan process?
- Is there anything else I should know about applying for a home loan?
- How do I begin the application process?
Due diligence is key
These are just a few examples of questions you might want to ask your mortgage broker before committing to a home loan product. Remember, it’s important to do your own research too and not just rely on your broker’s advice – this is one of the biggest financial decisions you’ll make in your life, so it’s worth taking the time to learn as much as possible about each option. Good luck!