Navigating the journey on your own can lead to a plethora of issues that can be avoided if you choose the right mortgage broker to work with. That is why we have put together the top five questions to ask your mortgage broker to ensure you are getting the most out of their services, as well as paving the right path towards acquiring your very first home!
How much can I borrow?
As you can imagine, this question is extremely important to ask when in the process of purchasing your first property. Your broker should take the time to gain an in-depth understanding of your circumstances so they can figure out your borrowing capacity. Although assets are an important indication of this, your current income and living expenses are even more so. A great broker will also attempt to understand your future goals and ensure that the loan repayment size is something you are comfortable with not only today but in years to come.
How can I improve my eligibility?
Your current income situation and assets certainly help dictate your eligibility, however, there are other factors that can come into play when securing a loan. Your broker will endeavour to understand whether you have any outstanding debts, a low credit score or if you have the adequate paperwork to prove your income. When hurdles present themselves, a good broker will help you to overcome these issues to ensure you are in a position where you are eligible to get the home loan you desire.
What loan features would you suggest for me?
Once your mortgage broker has an understanding for your circumstances and needs, they should be able to determine which loan features suit your situation best. Regardless of which loan features they suggest, the key goal is to ensure they are implementing the features that best suit your circumstances. This could save you thousands of dollars in interest and help you pay off the loan both quickly and at rate that makes you feel comfortable.
What are the reasons for your recommendation?
Once your mortgage broker has done their due diligence, they will present you with various home loan options with differing loan features. A good broker will usually provide rationale anyway but if they do not then don’t be afraid to ask them the “whys” and the “why nots”. Not only will this help determine which one you feel is better for you but it will also prompt your broker to elucidate on their recommendations leaving you feeling more knowledgeable and equipped to make a final decision.
Why should I go with you?
It seems basic, but it’s actually a really good way to give your potential broker a chance to tell you why you should be choosing them to help you on your journey. The answers they give you will help you figure out if this is the person who is right for you. Level of experience, their access to lenders, as well as their overall attitude are things that are worth knowing before going ahead with your broker!
There you have it, the top five questions to ask your mortgage broker before locking yourself into anything. If you’d like to reach out to one of our experienced brokers and ask them any (or all) of the questions above please don’t hesitate to get in touch.
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