Submitting a mortgage application is a big moment for many people. Make sure you are ready to sign on the dotted line by asking your mortgage broker company these five questions before you submit your application.
Five Questions to Ask Your Mortgage Broker
Make sure you are working with a mortgage broker company that will meet your needs and treat you fairly by asking these five questions before you apply for a mortgage:
How are penalties calculated?
Specifically, you should ask about the interest rate differential and posted rates to make sure you understand the early payout penalty calculation.
Is this mortgage a collateral mortgage?
A collateral charge can have certain advantages, but it prevents you from switching the mortgage to another broker once it reaches maturity.
Can this mortgage be blended and extended?
Find out if you can add more money to your mortgage if you buy a new house so you don’t have to pay the full penalty for breaking your mortgage early.
Can I keep my life insurance if I change brokers?
Some lenders make you re-apply for insurance if you want to switch to a different mortgage broker. Look for insurance that will stay in place with your mortgage, no matter who the broker is.
Will I still get the best rates at the end of my term?
Some brokers offer the best mortgage rate to new clients, but not to existing clients. Make sure you will still get competitive rates when it comes time for mortgage renewal.
Choose a Mortgage Broker Company that Works for You
Your broker should be someone you can trust to provide a custom solution to fit your specific situation. Get the best mortgage rate and make the process easy and simple with a professional mortgage broker you can count on.
MortgageLine provides expert care to home buyers with custom built mortgages to suit their needs.
If you have any questions or comments, contact us today! Phone: 1-855-435-1111 Email: [email protected] Website: https://www.mymortgageline.ca/