4 Questions to Ask Your Mortgage Broker

Approved Mortgage loan application with rubber stamp

Unless you just won the lotto or belong to the 1% of the population that’s filthy rich, buying a house straight up-front is not something you can do easily. Aside from the long legal process, finding the money to buy your desired property is also challenging.

Luckily, the process can be cut shorter with the help of a mortgage broker. City Creek Mortgage and other mortgage companies in Utah offer various types of loans. As a new homeowner, all you have to do is ask the right questions to know which type is best suited for you.

  1. What type of loan is best for me?

There are different types of loans available in the market, and these are designed to fit different people’s lifestyles and financial capabilities. Shop around to see which works best for your current lifestyle. When in doubt, you can always ask for help — from professionals or family and friends who applied for a loan in the past.

  1. What are the guidelines to apply for such loans?

While most loans have the same guidelines (identification, credit details, etc.) and requirements, some might ask more things over the others. Before anything else, make sure you’re eligible to apply for your chosen loan.

  1. What is the interest rate?

Interest rates vary depending on the type of loan you got. Make sure the type of loan you’re getting has an interest rate you can handle for the long term. Compute your finances and expenses before deciding whether the interest rate will work for you or not.

  1. What are the payment terms?

Discuss payment terms early on and know about the penalties and policies involved before signing any contract.

Evaluate your mortgage broker and your loan type better by knowing which type of questions to ask.