If you are speaking with a mortgage broker, then you are generally dealing with large assets and big sums of money. It is important to know that you can trust them.
These are the 6 questions you should ask your mortgage broker to ensure you are getting the best service…
1: The Cost
It might be an awkward conversation to have upfront, but it is important to know what the cost for their services will be. You can then assess if those costs are within your budget and if you think they are reasonable. Many mortgage brokers work for free as they will earn a commission from the bank when they place your loan there.
2: If They Have Their Own Investments
First hand experience is important, especially in an industry as complicated as finances. If your mortgage broker has their own investments then they will understand both sides of the relationship. They can do their best work for you as they are fully informed.
3: What They Need From You
Ask them what you need to provide to them so that you can start preparing documentation and information. Then you will know what you need to have on hand for each step of the process.
4: How Can We Make This As Easy As Possible
You don’t want to process to be a difficult one, neither does your broker. So ask how you can make it run as smoothly as possible. Your mortgage broker will be an expert in their field, so they will know the best way to tackle each step in the process and be able to provide you with valuable insight on it.
5: What Options Are Available To Me?
Don’t let your mortgage broker talk you into a lender without first knowing all of the information. You want to know which providers are available, how much each will lend you, and what the interest rate will be with each. By having all of the information on the table, you can make an informed decision on the best option for you.
6: When Can I Borrow Again
Once you get into your property you may decide that you want to do some renovations. It is likely you would need to borrow more funds to do this. Some lenders have a cap on when you can borrow again, so you want to know what that cap is before making a final decision.