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Top 5 Questions Borrowers Should Always Ask Their Mortgage Broker

Searching for a reliable mortgage broker? Want to seal a competitive mortgage deal? If you’re looking to get a residential mortgage in Abbotsford, you may need to know the ins and outs of a mortgage, how it works, and the strategies to secure a lower interest rate. 

What really can be of great help in your mortgage journey is the guidance and assistance of a qualified Abbotsford mortgage broker who can not only conduct a search in its lender network, but also shortlist, apply, and close a deal for you. 

In this blog post, we have crafted some common questions you must ask a broker before using their services. 

  • Do you charge a fee for your services?

Mortgage brokers typically come at no cost to their client or borrowers. They are compensated by the lenders, since they earn a finder’s fee from the lender they connect you to. However, you will most likely be responsible for paying evaluation and legal fees. You should also double-check with your mortgage broker for any additional expenses. 

  • What closing costs should I anticipate?

Speaking of hidden expenses, you can ask your mortgage broker directly what you might expect in terms of closing costs. They should be able to provide you an estimate based on your circumstances.

  • How can I save on interest?

Everyone wants to learn how to save money. Your mortgage broker will be familiar with all of the tips and tricks for getting the most out of your mortgage, including how to save as much money on interest as possible. If you can afford it, making a higher down payment on a home is an excellent method to save money on interest. Another wonderful option is to look into multiple lenders. Your bank may be the obvious choice, but your mortgage broker will have access to other lenders who may be able to offer you a lower interest rate.

  • Which sort of loan is ideal for you?

Beyond mortgage penalties, there are several aspects to consider when deciding which mortgage loan is best for you. Your mortgage broker will advise you on whether a fixed or variable rate mortgage is right for you. 

  • Are there any restrictions to refinancing?

If you believe you may need to break a mortgage term, you must first determine whether you are eligible for refinancing. Some mortgage lenders do not allow it at all, or the fees are higher if you do. Your mortgage broker will ensure that you do not overlook anything vital and will walk you through the legalities. 

At Sandhu & Sran Mortgages, we are your local mortgage brokers in Abbotsford & Surrey, who stand with you every step of the way. Whether you are buying a property, refinancing, or renewing, rely on us to get the best mortgage support possible.