The mortgage process can be a tedious one, which is why working with a mortgage broker you trust is essential to ensure you are well-supported throughout each step of the process.
We will be able to walk you through the various steps to obtaining your mortgage, as well as answer any questions at any point in time throughout your mortgage process.
And with mortgages, trust us, there are lots of questions to be answered!
We’ve compiled a list of the top 5 questions you should ask your mortgage broker when trying to obtain a loan. These questions will help you to have a better understanding of your mortgage, as well as help you to determine if you would like to move forward with your lender.
Let’s dive in!
1. What mortgage services do you offer, and which one do you recommend for my situation?
By asking your mortgage broker which of their services they recommend for you and your unique situation, you are able to receive advice and guidance on how they would go about moving forward with you if you were their client.
This question is firmly based on setting the foundation of trust, as you hear from the mortgage broker themselves on the services they offer and what they recommend for you and your situation. Ultimately, helping you to better frame if you would like to move forward with them.
2. What is the best mortgage rate you can offer me?
While mortgage rates vary between lenders and different mortgage brokers, one thing remains the same - The Bank of Canada interest rates.
As the rates are the same amongst the entire province, a mortgage broker will be able to compare rates offered by different lenders while comparing them to the current interest rate at the time you are looking to obtain a mortgage.
With all this information in mind, we are able to strategically come up with a rate that we believe will best suit you and your financial situation.
3. What documents do I need to provide you with?
Any standard mortgage application requires a specific set of documents to verify your financial standing, and your eligibility to be pre-approved/approved for the loan. While this list of documentation varies from lender to lender, there are a set of documents that are standard in the approval process.
When discussing with us your application, we will provide you with a checklist of the required documents needed to process your application. This checklist helps ensure that you are well-prepared for each step of the mortgage process.
4. Can you explain the mortgage application process and timeline?
The mortgage process can be a lengthy and tedious one. It involves a series of steps and paperwork, as well as effective communication between us in order to ensure that your application process is as smooth as possible.
We can walk you through the mortgage application process as well as the required documents you need in order to get started will help to put a timeline in your mind that starts from the date that you meet with us to the date that you are approved for a mortgage and purchasing your home.
5. What are the associated costs and fees?
When it comes to first-time home buyers, many are often in the dark when it comes to the additional costs and fees that come with a mortgage.
That is why it is important to have a very open and honest discussion with your mortgage broker, to provide you with a breakdown of the associated costs that you will be paying when you obtain your mortgage. Associated costs include appraisal fees, legal fees (if applicable) as well as mortgage insurance.
Understanding the associated costs and fees will help you to budget effectively once you are approved, and to avoid any unnecessary surprises when you receive your first bill in the mail.
Ask for Arise Mortgage!
At Arise Mortgage, we are all about asking questions. When working with our team of mortgage brokers, we strive to ensure you have full confidence in our work and your mortgage throughout each step of the process.