Mortgage brokers play a vital role when you’re trying to secure a mortgage loan. They have the experience and connections to get you the best mortgage loan for your situation. You need a mortgage broker by your side to provide the relevant information you need to get the best mortgage loan. However, if you have any doubt about the capacity of a mortgage broker, there are certain questions you can ask to assuage your doubts.

What Questions Should You Ask Your Mortgage Broker

In this article, you’ll learn some questions you can ask a mortgage broker before you employ their services:

Questions You Can Ask Your Mortgage Broker

  • Are you a regulated broker?

Before employing the service of a mortgage broker, you must know their qualifications. Mortgage brokers have a financial body that regulates them. Also, you should be sure of the type of mortgage services your mortgage broker provides. There are different types of mortgage brokers, they include:

  • The whole of market brokers: they’re brokers who have access to all types of mortgage lenders and products.
  • Multi-tie brokers: These types of brokers have access to a set of lenders and mortgage products but do not have access to all the deals in the mortgage market.
  • Single-tied brokers: This type of mortgage only has access to one lender which means they have limited options.

You may want to know these things before you proceed to do business with any mortgage broker.

  • How much do you charge?

Your mortgage broker will charge you depending on the types of mortgage services or products they provide. Usually, they charge between £500 and £1,000. You and your mortgage broker should settle on the price before you go ahead with the transaction.

  • How much can I borrow?

The amount you borrow determines the type of house you’ll be able to buy. Note that the amount you can borrow depends on several factors. Your mortgage broker who is familiar with these factors will guide you through this process by asking you questions about your employment status, income, your credit score, and credit history. Your answer to these questions determines how much you’ll be able to borrow.

  • What fees will be payable to the lender?

Some mortgage lenders will require you to pay a fee or fees to complete your mortgage and these fees don’t cover property surveys; these fees may differ according to different lenders. You can ask your lender if you’ll be able to get these fees back after the completion of the house sale. Your mortgage broker will explain to you the consequences if the percentage of the house sales fail to cover the fees you’ve paid to the lender.

What Questions Should You Ask Your Mortgage Broker
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  • What are the documents needed and what’s the time frame to get my mortgage approved

You may not know the documents needed to get a mortgage loan but your mortgage broker knows. You can ask your mortgage broker what documents you need to submit to the lender and the amount of time it’ll take to approve your application. The process depends on how complex your application is; if your application is too complicated, then you might experience some delay before approval.

Conclusion

Are you looking for the best mortgage broker Chattanooga, we at HomeRate Mortgage are your best option. At HomeRate, we aim to provide the best mortgage services that satisfy our customers.