A mortgage broker acts as a bridge between the borrowers and the lenders. They help you in obtaining the best property after analyzing all terms conditions. But before you finalize any property, there are some of the questions to mortgage brokers to assure yourself about the reliability of the property.
Here is the list of some questions that needs to be asked by every buyer from mortgage broker-
- What is the interest rate on the mortgage? – Ask for the interest rate of the loans the broker is offering you. It includes annual percentage rate which accounts for the interest rate, points, fees and other expenses you have to pay for the mortgage.
- How I can stop the delay in the approval of my loan- A delay in your loan might arise due to change in your salary, marital status, new debt or your credit card history. In order to put a halt on these delays, put your financial life in the holding pattern until the closing table.
- While taking a loan what all documents I require– While refinancing a loan, you need to submit your proof of income and assets including bank statements, tax returns, and any other if required.
- What are the closing costs– You need to be familiar with your closing cost well before hand. This is something which comes as a surprise during the buying process. Brokers should provide the written estimate of these costs before receiving the loan application.
- How will I benefit by locking the interest rates– Interest rates keep on fluctuating and by the time you reach the closing table of your loan process, interest rate might get higher. To prevent getting a high rate, you can lock the rate for the specified period. Some fees may apply.
- What are qualifying guidelines for obtaining the loan– Before obtaining the loan, you need to submit your requirements relating to your income, employment, assets, liabilities, and credit history. Qualifications for the first time home buyers are much liberal and moderate.
If in the search of obtaining the most feasible loan, contact All Florida Title. You can ask the above discussed questions form the mortgage broker and resulting in ease of process of obtaining the loans from the broker.