Many people want to buy a home, but they don’t really know where to start. You have to have as much information as possible, and find it for yourself can be time consuming, let alone stressful. Fortunately, you can hire a mortgage broker to get everything together for you to make it a little bit easier, but there are a lot of questions you should also ask them so you don’t have any problems with getting that dream home you’ve always wanted to buy. In this guide we’ll give you some that you should ask about.
What Type of Loan is Right for You?
Depending on your situation (and everyone’s is different), you’ll have to get a loan of a certain type. Whether it’s a self-employment loan, refinancing, first time home buyer’s loan, or more, you have a lot of options to choose from. Ask your mortgage broker which one is the best for you and they’ll be quick to help you out. Don’t just pick the first one they list either, but trust their opinion, because they have the experience and knowledge to make it work for you.
Be Sure to Ask About Interest and Annual Interest
This is something that some home buyers don’t consider, but it’s very necessary. The APR is a calculation that includes all of the lender fees and the regular interest rate. Sometimes your lender might not compute it correctly, and if you have an adjustable loan, you can’t always calculate it that well. Your APR isn’t included in early payoffs, but you need to think about the different factors that can affect your APR (annual percentage rate), and what you can do to not pay more for your home than you have to.
Are there Discounts? Are There Hidden Fees?
Some companies actually offer some sort of discount depending on what loan you’re getting from your mortgage broker. That being said, it’s important that you know also what all of the different things you’re going to have to pay for. Every category has its own price, all the way from the appraisal and inspection to the credit report, Escrow which happens at some mortgage brokers, taxes, and recording fees, not to mention other fees based on their own company’s services.
You need to know all of these before you can proceed with any purchasing decisions. Don’t sign anything until you have all of the answers as well.
Canberra is a great place to live and having the right mortgage broker is important so they can answer every question you have to ask. Some of the best ones will tell you that they have to give you all of the information, and may even give you some of these items when they’re listing it off. It’s up to you to pay really close attention to them when they talk to you so you can ensure they’re going to work for you and have you in their best interest.
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