If you are a first time home buyer, chances are you need a mortgage. Ontario Mortgage Brokers provide their professional opinion and will ask questions about your financial situation and future plans to ensure that your not exposed to undue risk and to find a suitable mortgage product. It’s always best to prepare before meeting your mortgage broker and ensure you have all the right documentation. You should also be prepared to ask your mortgage broker key questions to assist you in getting the best mortgage rates and mortgage product.
Here are questions to prepare before meeting a mortgage broker:
- What is the best mortgage rate for my particular situation, fixed mortgage rate, variable mortgage rate or a combination?
- Should I choose an open mortgage, closed or convertible mortgage?
- What mortgage options and features are best and why:
- Longer or shorter mortgage term
- Longer or shorter amortization period
- Frequency of mortgage payments (eg. weekly payments, monthly payments etc)
- Can I make prepayments or lump sum payments and will it help me pay off my mortgage faster?
- What happens if I miss a payment or cannot make a mortgage payment?
- How can I get the best mortgage rate available and is there anything I can do to ensure I get the best interest rate?
- How much are the fees to set up the mortgage, discharge or renew the mortgage?
- Can you provide the different scenarios for the various mortgage products available and the pro’s and con’s for each?
At Richmond Lending, our professional mortgage brokers have the experience and knowledge to answer any questions you may have and ensure you are getting the right mortgage product. We have more than a decade of experience in the Real Estate industry, our licensed mortgage agents offer complimentary advice and custom tailored mortgage solutions to cater to any specific mortgage or lending need.