Top 10 Things to Ask Your Mortgage Broker

 


Don’t work with just any mortgage broker. Even if you have bad credit and have to search harder for lenders willing to work with you, take the time to interview several candidates to choose a reputable company.

Here are 10 Questions to ask your Mortgage Broker

#1. Which loan is right for me?

Whether you have good or bad credit, it’s important that any broker you choose offers mortgage loan options that are right for your situation. Brokers generally have access to loan products from a variety of lenders. It’s important to compare lenders to get the best deal. Whether you want to find bad credit refinancing or purchase a home, it’s important to have a broker who will work on your behalf. If you get the sense that a mortgage broker or lender is trying to steer you into a cookie-cutter loan or doesn’t really understand the business, run, don’t walk, away.

#2. What is the real interest rate on the loan?

Ask for the annual percentage rate (APR), which includes the interest rate and other fees, such as closing costs, points, and the margin. Home loans for people with bad credit will have higher interest rates so make sure you are being given accurate quotes based upon your credit score. If you are being offered an adjustable-rate mortgage (ARM), find out what the rate cap is, which index is used to figure out the interest rate, and how often rates can be adjusted.

Read more: https://www.creditrepairease.com/blog/top-10-things-to-ask-your-mortgage-broker/

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