Must-Ask Questions For Evaluating Your Next Mortgage Broker

27 Feb Must-Ask Questions For Evaluating Your Next Mortgage Broker

Buying a new home is the most significant financial commitment that you’ll ever make in your life. It evokes feelings of tremendous excitement and joy, but as a first-time homebuyer, it can also be daunting, complicated and stressful if you decide to go through it alone. With so many home loans offers on the market, you might be tempted to choose the first one you find that offers the lowest fees and rates. However, this would be a bad idea.

There’s no need to panic if you’re in this position, as we have a compiled a list of the questions you need to ask when evaluating potential mortgage brokers. Hopefully, this will help you choose the right one for your needs.

1. How Does The Home Loan Application Procedure Work?

With everything going digital, lenders have followed suit. Online applications now make it possible to monitor the progress of your loan application in real time. Here’s what you’ll want to know about the mortgage:

• The estimated third-party fees and lender fees you will have to pay
• The costs and timing required for securing one
• The requirements for a home loan such as your credit score, debt-to-income ratio and deposit
• The documents you’ll be required to produce at each stage of the home application process and the deadlines to submit them

2. What Kind Of Experience Does The Mortgage Broker And Their Team Have?

Experience counts for everything, more especially if you’re buying a home for the first time. It will be beneficial to work with someone who has experience in the complex process of underwriting to guide and advise you.

The key things to know about a broker before working with one is:

• How available and prompt are they?
• Do they work alone, or do they have a team?
• How long have they been operational?
• Are they comfortable with the communication channels you use?
• Do they provide you with clear, concise and straightforward answers?

3. Will I Qualify For A Mortgage If I Have A Bad Credit Record?

We’re all not savvy when it comes to keeping a good credit score. It’s essential that you be honest and transparent with your mortgage broker if your credit record doesn’t make for good reading. By doing so, your mortgage broker can source home loans that are customised your needs.

If you’re frantically searching for a ‘mortgage broker near me’ that will give you the correct answers to the questions listed above, Aspirus Financial Services should be your first choice. We provide mortgage solutions for every budget, so contact us today for the right mortgage solution in Melbourne.