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Questions to ask your mortgage broker (& why one could be helpful)

Can a mortgage broker help you onto the property ladder sooner? They can certainly help the process along and let you know where you stand.

When you buy a property there’s a lot to take in, but don’t despair – you’re not alone.

Why use a mortgage broker?

A good mortgage broker can demystify the whole buying experience and ultimately smooth the process of you achieving your dream of home ownership.

They can help you through the process of home buying and, because they have access to a wide range of products from a wide range of lenders, they can help you choose a home loan that is right for your needs both now and moving into the future.

Benefits of using a mortgage broker

There are many benefits of working with an experienced professional who knows the lending scene.

Here’s our top three:

  1. Choice
    A good mortgage broker has access to a huge number of products from a wide range of lenders. As such, you can rest assured that they’ll help you find the product that is most suited to your needs.
  2. Sound advice
    A mortgage broker can help you understand exactly what is required of you throughout the home buying journey. They’ll let you know what paper work is required and will submit a loan application to your chosen lender on your behalf.
  3. Legwork
    A mortgage broker can do most of the leg work for you. They’ll run valuations, submit the loan, talk with your lender and help put you in a financial situation that you are comfortable with.

While there are many benefits associated with using a mortgage broker, it is important to know how to get the best out of them and to know what questions to ask.

It’s important to know know what questions to ask to ensure you’re getting the best advice.

Questions to ask your mortgage broker

To get the best out of your mortgage broker, communication is key.

Make sure you ask a lot of questions and tell your broker exactly what you are looking to achieve. It’s imperative you disclose your entire financial situation to your mortgage broker from the start so he or she can offer the best advice for you.

Be clear about your financial position and highlight any outstanding debt or ongoing monetary commitments you may have.

Top 9 questions to ask your mortgage broker

  1. How do you decide which loan is best suited to my personal situation?
  2. How much of a deposit do I really need to obtain a loan?
  3. What impact will my credit card limits have on my borrowing capacity?
  4. What fees will I incur when taking out a home loan?
  5. What features are included in my new loan?
  6. What information do I need to provide you with to obtain my finance?
  7. What are the procedures that I need to follow in order to obtain my finance and settle my loan?
  8. Can I choose to fix my interest rate in at a later stage?
  9. What is Lenders Mortgage Insurance?

by Jessica Darnbrough


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