When inquiring about a mortgage, it is important to know the right questions to ask a mortgage broker. These questions should be based on your individual circumstances and the best way to approach an inquiry is to have a list of questions to ask a mortgage broker. One of the best ways to approach a mortgage broker is to have them ask you a series of questions to better understand your position as it relates to mortgages. From this understanding, they can help guide you to a solution that would work best. Once the broker understands your current circumstances, here are some questions to ask a mortgage broker:
- What can I afford as per the banking guidelines?
- What mortgage term should I go for and why?
- What is your recommendation of the type of mortgage (fixed, variable, open, closed, etc.)? I should apply for and why?
- How will changing the amortization affect my payments?
- Are there any pre-payment privileges with the suggested solution?
- What are my estimated closing costs?
- What are the steps and what can I expect throughout this mortgage process?
- What type of supporting documentation would you require?
These are just a few example of questions to ask, but since everyone has different circumstances there may be other questions that relate more closely to one person and less to another. Typically, the best questions to ask a mortgage broker are those that would help you gain the most understanding about mortgages as it relates to you. In fact, there is no such thing as a bad question and since the most important thing is to gain an understanding, any question is a good question. With this understanding, you will be able to apply the information to your own life goals and make the best decision possible.
If you would like to discuss your own circumstances or have any of your own questions to ask a mortgage broker, please contact us today!