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7 Questions to Ask Your Mortgage Broker

General Nazarina DiSpirito 1 Sep

  1. 1. How much can I afford?

Before you go home shopping, a mortgage broker can tell you what you can afford, and give you an idea of what your payments may look like.  A pre-approval will help narrow down your home search, and let you budget your monthly expenses in preparation for a new mortgage.

  1. 2. What documentation will I need?

Talking to a mortgage broker early in the home-buying process will allow you to find out what documentation you will need to prepare, giving you enough time to gather all your documents. 

  1. 3. What type of mortgage is best for my situation?

A mortgage broker should be able to tell you what type of mortgage is best for you, including whether a fixed or variable rate would be best.  

  1. 4. How long will it take?

A mortgage broker can tell you how long your mortgage approval will take, as well as keep you informed at each stage of the process.

  1. 5. Can I make early repayments or overpayments?

Making overpayments or an early repayment can save you money in interest, but some lenders will charge you a penalty for doing that.  A mortgage broker will let you know whether you can repay your loan early or make an overpayment without penalty.

  1. 6. What costs can I expect besides the down payment (closing costs)?

First time buyers have exemptions on the Property Transfer Tax which is charged when you buy a property in BC.   There will also be legal costs, appraisal costs, inspection costs.   Your broker will be able to tell you which ones will be applicable to your situation and approximately how much they might be.

  1. 7. What can you do for me?

A mortgage broker will give you all the information you need to make the right choices.  Whether you are a first time buyer, refinancing your mortgage, buying a rental or vacation property, or having cash flow issues, I can help find the best mortgage for your situation.  I am with you throughout the entire process—from when you start looking for your home, to providing advice after your mortgage has closed.

Call me today to discuss how I can find you the best mortgage for your situation!