What You Should Ask Your Mortgage Broker Before Signing On The Dotted Line
The saying that "an ounce of prevention is worth a pound of cure" really holds true when selecting a mortgage broker. A mortgage broker can be your best advocate or a never-ending nightmare if you don't know the right questions to ask before allowing them sell you a home loan. Asking the right questions before you sign on the dotted line can help you decide if you've selected the right mortgage broker and home loan for your needs.
What Products Can You Offer Me and What are the Terms of the Loan?
A mortgage broker should be able to offer you the home loan that you need, not what they think you need or want to sell. If they are not able to provide you with the loan you need then there is no point in establishing a working relationship with them. It's just a pointless waste of your time.
What Rates and Fees Would I Incur?
Loan terms often sound good when initially offered, but it's important that you find out what mortgage rates and fees accompany these rates. How much will the mortgage broker make? Taxes? Fees? All of these charges add up and can be the difference between a good deal and a deal breaker.
Who Would be my Mortgage Lender?
It's important to know who will be backing your home loan. In today's economy, you can't risk purchasing a home loan from a financial institution that is in questionable financial shape or one that is unqualified to manage your home loan. You also don't want your loan to be repeatedly sold to other institutions, which can cause confusion.
These questions are just a few of the ones that you should ask your mortgage broker. Everyone's needs are different, so you should feel free to add as many others to your list as you wish, to ensure that you get the home loan that you need in Darwin. After all, this is ultimately your money and time, so you should be diligent in making sure that you are provided with the best home loans that are available to you.