Mortgage Broker Parksville

Important Questions To Ask Your Mortgage Broker In Parksville Before Committing To A Lender

A mortgage broker is a professional middleman who connects property buyers and banks (mortgage lenders). They work via direct contact with you (borrower) and mortgage lenders. Their aim is to help you qualify for either a property mortgage or a refinance. They work with mortgage lenders from the start of the loan process until a deal is reached. They apply for loans on your behalf and help you find the lowest available mortgage rates. They negotiate the terms and conditions until a deal is reached in your favor. The truth is; they manage the entire loan process for you.

Any Mortgage broker in Parksville will help you secure a mortgage if they have the needed information from you. But before you commit to a mortgage lender, here are important questions to ask your mortgage broker.

Important Questions to Ask your Mortgage Broker

1) Which category of Loan is best for me?

This is an important question to ask your potential mortgage broker in Parksville. Ask questions about the pros and cons fixed-rate loans. Find out the pros and cons of adjustable-rate loans. Ask your broker to explain interest-only loans. This will help you to choose and decide on the most suitable mortgage. Any mortgage broker who cannot answer these questions is not right for you. Do not shy away from asking these questions.

2) What are the interest rate and annual percentage rate (APR) of the loan?

You need to know the interest rate and APR of a mortgage before you sign any contract with a lender. So, find out the exact interest rate and APR of each lender from your mortgage broker. Although calculating APR is complex, you need to know the exact figure to be on the safe side. Interest rates are adjustable or non-adjustable. If yours is adjustable, find out about the adjustment frequency and margin of the loan. Find out about the index, highest rate (Cap), and maximum annual adjustment of the mortgage.

3) What is the total cost involved?

The total cost involved in a loan included fees and other third-party vendor charges. You need to know these charges before committing to a mortgage lender. So ask questions to know the cost of third-party vendor charges such as appraisal fee. You need to know the exact charge for credit report and lender’s title policy. Find out about the pest inspection reports and escrow where applicable.

4) What is the loan estimate for my mortgage?

The law demands that mortgage lenders in Parksville should give you a loan estimate. The loan estimate contains the accurate costs of your loan. So, ask your mortgage broker about your loan estimate. Lenders are required to provide you with this document during the loan process.

5) Do you offer loan rate locks?

There are possibilities for interest rates to fluctuate or change. Most lenders offer loan rate locks to help you lock your loan when interest rates are moving up. So, ask questions to protect yourself from loan fluctuation. Ask questions like:

    -Do you offer loan rate locks? -Are all loan costs protected by loan rate lock? -How long is loan rate lock?

These are relevant questions to ask your Mortgage broker in Parksville before committing to a lender.


Mortgage Broker Parksville
ResCom Mortgage Solutions Inc.
201 Selby St, Nanaimo, BC V9R 2R2

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ResCom Mortgage Solutions Inc.

201 Selby Street
Nanaimo, BC V9R 2R2

TF: 1.855.585.2080

F: 1.877.277.6380

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