Questions to Ask Your “Mortgage Broker Harrogate”
Individuals who are planning to buy a home and cannot do that without a mortgage should avail professional services from a reliable “Mortgage Broker Harrogate”. It is possible to get a mortgage without the help of a “Mortgage Advisor Harrogate” but when you resort to professional advice there are higher chances that you will get a competitive offer.
It is worth it to hire an experienced “Mortgage Broker Harrogate” that will help you through this process and explain all the steps involved. To get the best deal for your particular situation you should provide accurate information and reveal your credit report to your broker. It is essential that he knows everything about your financial situation so that he can provide you the best advice and assistance. One of the first things you will have to establish with your broker is which type of mortgage loan is best for you. It is essential that you understand the pros and cons about fixed-rate loans, adjustable-rate loans, interest-only loans and negative-amortization loans.
Another question for your “Mortgage Broker Harrogate” is: what is the interest rate and annual percentage rate? If you have an adjustable interest rate you should inquire about the adjustment frequency, maximum annual adjustment, highest rate, index and margin. Moving on, you should not forget to discuss the discount points and the origination fees. Each point equals one percent of the loan amount and there are lenders that charge origination fees in addition to these points. Before you commit to a lender you should have a clear idea about all the costs involved. When it comes to mortgage loans there are many fees that most people do not know anything about such as appraisal, credit report, lender’s title policy, post inspection reports, escrow, recording fees and taxes.
Your “Mortgage Advisor Harrogate” will inform you about the Goof Faith Estimate and he will tell you that there are lenders that guarantee the GFE. This GFE contains all the costs of the loan. Interest rates change and fluctuate quite often and individuals who see that interest rates move up have their possibility to lock their loan. There are some lenders that offer this option but you should inquire about the period of time for which you can lock the loan and whether or not you will receive this in writing.
Does your mortgage loan have a prepayment penalty and if yes you should ask how much it is and what the terms of the prepay are. Next, do not forget to ask about the period of time the lender needs to fund your loan. Usually there is an average processing time somewhere between 21 and 45 days. This is important, especially when you are in a hurry to get the loan. Last but not least you should make sure that your transaction is closed on time. This is an important aspect that will help you avoid additional expenses to pay movers to reschedule and losing a home because you didn’t have the money on time. As you can see, there is so much a “Mortgage Advisor Harrogate” can help you with.