The Right Questions To Ask Your Mortgage Broker
Just as you look around before settling on the perfect home to buy, you equally have to search around for the right home loan in order to finance the purchase, but there is another search you have to undertake, a search that should be carried out before that of the home itself, or the mortgage. This is the search for the right mortgage broker.
eChoice Home Loan Comparison Service
Don’t spend time taking to dozens of different lenders in search of the right home loan. Spend just a few hours talking to an eChoice mortgage broker and they will do all of the hard work and running around to find you the best home loan deal which will suit you now and into the future.
- At eChoice you are comparing a range of home loans from over 30 different Australian lenders.
- When you work with eChoice you’ll be assigned your own personal home loan manager.
- Interest Rate of 6.55%
- Comparison Rate of 6.55%
- Application Fee of $0
- Maximum LVR With LMI: 90%
- Minimum Borrowing: $0
- Maximum Borrowing: $0
By finding the right mortgage broker you can then go ahead and find out how much you will be able to borrow, this will prevent you from looking at homes you can not afford and it might very well result in you looking at a better home than you had previously thought you could obtain sufficient money to buy. If you line up a mortgage broker as your first move towards refinancing your existing loan in order to get a better deal from another lender, or if you are a first home buyer, or a next home buyer, a mortgage broker will be able to help you get pre-approval on a home loan and this in itself will put you in a better negotiation position.
As the industry gets more complex, finding the right mortgage broker is becoming more and more important. One way of making certain that the mortgage broker you intend using is the right one for you is to ask him or her a series of questions before entering into any agreement. These question could go along the following line:
Q. Are you anyway linked to a title company?
A. If the answer is ‘No’, it might be a sign that you should shop around yourself to obtain the best price on title that the different companies charge. Some fees are regulated such as the promulgated rate of title insurance. Other fees however such as the settlement fee and the title search fee can become quite expensive. If the mortgage broker you are speaking to answers ‘Yes’ to this question it can also be in your favour because it tells you that this particular mortgage broker has a connection with a specific title company. A connection will have this specific title company performing the actual closing with you. Mortgage brokers with links to a certain title company can sometimes negotiate a lower fee that will have the loan fitting more comfortably within your budget.
Q. What type of mortgage do specialise in?
A. As there are so many different loans on the home loan market these days most mortgage brokers tend to specialise. It is therefore important that you choose a mortgage broker who specialises in the same market that you will be operating in. For instance, there is the FHA (Federal Housing Administration), the VA (Veterans Affairs) and RHS (Rural Housing Service). There is also a more specific specialisation that occurs within the structure of a loan such as the ARM (Adjustable Rate Mortgage), a Fixed Interest rate mortgage as well as an Interest Only mortgage. This is only the beginning as specialisation can go even deeper when you consider the myriad of options that are available. The answer to this question will help you have a mortgage broker who is more attuned to your interests, working for you. It would be of little use having a young married couple buying their first home approaching a mortgage broker who specialises in Veteran Affairs mortgages nor would it be a lot of help if you wanted to finance the purchase of a city apartment and the mortgage broker you were talking to specialises in rural property investment loans.
Q. What fee will you charge?
A. This might be a little unfair at your first interview because the mortgage broker may not know how much work is involved but he or she should be able to give you a reasonably accurate ‘ball park’ figure from previous experience. A good mortgage broker should be able to sit down with you and outline all the fees and charges you will most likely encounter in the process of obtaining a loan to buy a home. He or she should however be in a position to give you a more accurate figure once the home loan process gets under way.
The obtaining of a loan that will allow you to purchase your own home, or simply looking around to get a better deal from a lender who may offer more flexible features, or a lower interest rate, it will always be advisable to engage the services of a qualified mortgage broker. Mortgage brokers work in the industry every day, they live and breathe home loans and their knowledge and experience is invaluable to us mere laymen and women who only pay attention to this sector of the economy when we need this particular type of finance.
Related posts:
- Tools: Questions to Ask Your Mortgage Provider
- Home Loans WA
- Home Loans ACT
- Home Loan Preapproval
- eChoice Calculator
- Mortgage Brokers in Darwin 0800 – Northern Territory
- Homeside Mortgage Broker
- Mortgage Brokers Disadvantages
- First Home Owners Grant Frequently Asked Questions (VIC)
- How to Use an Investment Brokers for Property Purchases
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