After deciding to choose a mortgage broker in Windsor, you naturally will want to ask them plenty of questions to not only understand the process of securing a mortgage and ultimately buying a home, but to ensure that you are choosing the right mortgage broker for the job and they are able to provide you with the best mortgage deals for you. While the following list is not exhaustive nor is it limited to, these are the questions you need to ask at your first meeting with your potential mortgage broker.
“Is pre-approval an option at this moment? If not, what do I need to do to change that?”
In some instances, you may just want to get an idea if buying a home is even worth considering at the moment. A mortgage broker in Windsor, ON worthy of your consideration will not only be able to answer this question for you. No matter the answer, a mortgage broker worthy of your consideration will always be able to tell you what you need to do to get better offers on a mortgage and will answer advice you may have about reaching that goal.
“How much can I afford?”
The best mortgage brokers in Windsor will realistically tell you how much you can afford. Using a stress test, mortgage brokers will approve you for a mortgage that you will comfortably be able to continue paying for as the years roll on. This ensures you can afford your home while making certain they are giving you a good deal on a mortgage that you ultimately won’t default on.
“What is the annual percentage rate (APR)? What type of interest rate should I choose?”
This number stems from calculating the interest rate you qualify for among other lender-specific fees dividing by your loan’s life. This number is competitive, so ask about other offers to get the best APR for a mortgage that makes sense for your situation. From there, consider the type of interest rate you should choose. The safe option is a fixed interest rate: this rate will not change for the loan’s term.
If you are investing in property, you may want to consider a variable interest rate. A variable interest rate changes based on the interest rates of the market: thus, your interest rate will change according to market trends. A good mortgage broker can provide you with historical data and local economic information to help you to decide if a variable interest rate is right for you.
“What are the costs associated with this loan?”
Think closing on your mortgage involves paying a down payment and nothing more? Think again. Many first-time homebuyers are surprised to learn of the laundry list of costs affiliated with a mortgage, but a good mortgage broker in Windsor will clear the mystery on all of the fees you will have to pay, including the appraisal, inspections and pest inspection reports, and more.
Need a guiding hand to help you through the process of buying your first home? Choose Diane Bertolin, a mortgage broker in Windsor that will fight to find the best mortgage for your financial situation. You deserve to finally buy that dream home – let Diane get you there!