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Most popular questions for Mortgage Broker

Most popular questions for Mortgage Broker

By | Interest rate, Mortgage Brokers | No Comments

If you getting your first mortgage you must know, that it can be a daunting process if you do not have the right Mortgage Broker. There can be alot of paper work so you do need the help of a mortgage broker. But what exactly do you need to know about the process?

Most popular questions for Mortgage Broker

  • Documents – With every type of loan there are certain documents that may be required, like payslips, identification and bank statements. If you first provide these documents, the process will be very streamlined. Ask your mortgage broker to ensure you know exactly which documents are required, what format they should be in, and when they are needed.
  • Loan for you –  Are you sure that it is the right loan for you? Ask your Mortgage Broker! Your Mortgage Broker has access to the the latest data and information about lenders’ rates, fees and services. Your Mortgage Broker must help you choose a loan that is  just for you. Ask him to outline all the pros and cons of this proposal.
  • Time – You must know how long the loan process will take. The length of processing will vary from lender to lender. This could effect your buying decisions, so knowing  how long it will take can help you prepare for the purchase.
  • Deposit – Do you know how mush deposit that you need? The required deposit will vary from bank to bank. So it is very good to know exactly what your lender requires. Ensure you know this information before applying for your loan.
  • Interest rate. – You will be charged interest on your mortgage. The rate of interest will depend on the type of mortgage you take out, and the lender’s requirements at the time.