Mortgage brokers and agents are there to help buyers secure the best possible mortgages, and often in the hurry to cross the T’s and dot the I’s clients miss out on some valuable information they can learn. There are additional services and advice beyond securing your mortgage rate that many people never explore. Here are five questions they wish more people would ask them, and are more than happy to answer.
1. Why is there so much paperwork involved in my mortgage application?
A mortgage broker or agent needs a lot of information about you in order to secure you the best possible loan. This includes information about your credit and employment history. The more detailed you are in providing these essential pieces of information the better prepared they will be to get you the best loan possible, so it is certainly worth the investment of your time.
2. What can I do to improve my credit score?
There are many things you can do to improve your credit score in as little as six months to a year. If your score is bordering on bad, or a few points away from good you can use this time to improve it and improve your lending options significantly. Simply pay your bills on time, reduce your overall debt load, stop bouncing cheques, and get any errors on your credit report corrected. Another way to help improve your score is to avoid applying for too much credit.
3. Why should I spend my money to hire someone like a mortgage broker or agent?
There is no cost for you to work with a mortgage broker or agent, they are typically paid by the lending institution who provides the loan. Why should you work with a mortgage agent? Basically for three very important reasons: 1) They are experts who can help demystify the process of purchasing for your and that includes answering any questions you may have 2) They can advocate for you in order to get you the best possible financial fit for you in terms of your loan and 3) They have access to networks that you don’t that can help you with your finances.
4. What other things can you help me with?
Mortgage brokers can help you figure out how much of a mortgage you can actually afford to maintain, suggest ways to pay off your mortgage faster and help you determine what type of mortgage will be the best fit for you.
5. Is there anything you can do for me after I have purchased my home?
Many mortgage brokers and agents are happy to review current mortgage arrangement every year to help you find ways to pay it off faster and to determine whether or not your mortgage is still competitive and the best fit for you. If it’s not, they can help you find something that is.