Navigating the home buying process can be overwhelming, which is where your mortgage broker’s expert guidance and reassurance can help a great deal.
While good mortgage brokers may know a lot about the process, it’s wise to know yourself generally about what’s involved and to ask key questions if you’re unsure.
Here is a list of some of the questions you should always ask your broker when purchasing your home or investment property.
- What documentation do I need?
You can save yourself a considerable amount of time and confusion by asking your mortgage broker beforehand what documents you need to compile. The most common documentation includes proof of income, bank statements, and any loan documents from previous loans.
- How long will the loan process take?
Finding out how long the home loan process will take can help you adequately plan and save.
- What are my closing costs and other fees?
Buying a home costs more than just the amount of your loan. Closing costs and other fees can add up to extra expenses that you should be prepared to pay for. Asking what your costs are up-front can help you allocate your money accordingly.
- What mortgage interest rate will I pay?
Although mortgage interest rates fluctuate every day, your mortgage broker should be able to give you some sort of idea of what rate you can expect to pay, based on the type of loan you are applying for.
- What types of loans do you qualify for?
Your personal circumstances may entitle you to advantageous loan products. Also, your Chan & Naylor Mortgage Broker will have access to loan products not available to the general public, by lenders directly.
- Are there any possible penalties I may incur?
Borrowers are sometimes charged a fee for paying off their loans early, particularly in fixed interest loans . It’s important that you are made aware of any prepayment penalties before you sign off on any loan.
At Chan & Naylor Finance, we are upfront and transparent on the answers to these questions. We have a team of expert mortgage brokers who can guide you through the entire process. Talk to us today, submit your online enquiry or call us direct on 1300 306 868 (Australia-wide).
Disclaimer: This article contains general information; before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs. Click for more detail regarding this disclaimer.