The Three Most Important Questions to Ask a Mississauga Mortgage Broker
Are you planning on purchasing a new home and are wondering what types of questions you should be asking a Mississauga mortgage broker? If so, read on. This is the reason why we have assembled the three most important questions that need to be asked once you have connected with a mortgage broker in the city.
1. What are the interest rates?
Find out what the interest rates are right away. These rates can fluctuate on a day-to-day basis and your mortgage broker can let you know the latest trends for the rates and what you could reasonably expect in the near future.
If you're looking at an adjustable interest rate you’ll want to find out what the highest cap is on it, the annual maximum adjustment available and the frequency of adjustment. If you don't know or understand the annual percentage rate, you should have your mortgage broker explain this in full detail to you.
2. Can you lock in the rate?
If it looks like the interest rate might be going up in the foreseeable future you’ll want to find out if a rate lock is available for you. You’ll also want to find out how long the rate can be locked in for and what the charge will be to get this done. Once you have established that the rate can be locked with this mortgage broker and opt for it, you’ll want to make sure that everything gets put into writing.
3. What type of loan do I really need?
When you're setting up an appointment for a mortgage broker make sure that you have a lot of time on your hands. There are so many different types of mortgages available that you’ll want to have a clear explanation of each and why one would be better for you than another. This is the beauty of working with a Mississauga mortgage broker though. As a neutral third party, he'll be able to show you the different home loan types, explain the differences and then let you know why one would be better for your own personal situation than another.
These are the three most important questions that really need to get addressed when you're speaking to your broker. Although they may seem basic, once things get started and the discussion gets too complicated, these questions will bring you back to the basics and help your Mississauga mortgage broker explain things in an easier to follow step-by-step fashion.