Whether you are a first-time home buyer or you are buying your fifth home, the mortgage process can seem complex and hard to understand. This can make you feel overwhelmed when you are trying to figure out the right questions to ask your Winnipeg mortgage broker, especially when you are meeting with them for the first time.
At One Link Mortgage & Financial, we are committed to providing our clients with the information they need to make confident, educated decisions about their finances.
As professionals in the industry who depend on the confidence and trust of our clients, we are here to tell you that meeting with your mortgage broker doesn’t have to be intimidating. These meetings can be very insightful and are designed to better help you understand the mortgage process and ensure that you are getting a mortgage product that is tailored to fit your specific needs.
When it comes time to prepare for your first, or next, meeting with your mortgage broker, keep these questions in mind!
Question 1: What documentation will I need to provide? – This is an important question because the more documentation you are able to provide up front, the faster your mortgage process can go.
Question 2: What are my options? What types of loans do I qualify for? – Don’t be afraid to ask about your options! You should never feel pressured into choosing a certain loan and you should always feel educated on the different options that are available to so that you can make the best decision possible. Of course, we are here to offer our advice to you based on our experience in the industry, but we want you to feel comfortable with all your decisions.
Question 3: How long should the mortgage process take? While every situation is different, your mortgage broker should be able to provide you with a reasonable time frame as to how long your mortgage process should take. This information is helpful if you want to know how much time you will have to sell your current home or save up for a down payment or closing costs.
Question 4: What costs will I be responsible for in addition to my loan payment? There are often fees associated with obtaining and closing on a mortgage. These fees can vary by lender and location, so make sure you ask about the fees for your area upfront so you have a clear figure to factor into your budget.
These questions should provide you with a great foundation as you are preparing to meet with your mortgage broker.
If you are interested in finding out more about your home financing options, give us a call today at (204) 928-7722. We are always happy to answer any mortgage related questions you may have!