Buying a New Home? Four Key Questions to Ask Your Mortgage Advisor

Are you looking to purchase a home? In case you plan on borrowing either some or most of the purchase price of the house, you must get prepped for the entire mortgage process. We have outlined four key questions that you must ask your mortgage professional as you begin working on your home loan.

What’s the best mortgage option for me?

It is common knowledge that there is an array of mortgage loan options as well as programs available. You may be eligible for several mortgage options. For each kind of mortgage loan, your mortgage advisor can assist you in discussing the pros as well as cons to help you opt for the right option.

What interest rate and period will fit my budget?

The next step involves determining the combination of the loan term and interest rate that will result in an affordable monthly payment for you. For instance, in a few cases, a lower interest rate may be preferred over a longer amortization period such as 15 or 20 years, which essentially decreases your monthly payments. Alternatively, you may wish to pay back the loan faster and opt for a shorter-term with an interest rate that is slightly higher.

What fees and closing costs will I incur?

When borrowing a mortgage to purchase a house, a few additional costs and fees will be incurred. A few of them are associated with the home itself, including home inspection or home valuation fees. To learn more regarding the fees you must pay and those that you can avoid, consult your mortgage advisor.

What documents and paperwork do I need to prepare?

Lastly, you may require some assistance regarding the documents and other paperwork that must be ready, such as those associated with your income and expenditure and those meant for risk assessment purposes, salary certificate, bank statements, or other documents in case you are self-employed.

When you meet your mortgage advisor, these are a just a few points you must cover. To learn more about the mortgage process and how you can get things started, get in touch with us today. Our mortgage assosciates will be more than happy to answer any queries you might have.

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