Ten Questions To Ask A Mortgage Agent
If you’re looking for a mortgage, whether it’s to help you buy your first home or access your home equity, it’s important to pick a reliable agent with high standards. After all, the results will affect the financial state of your future! Therefore, it’s essential to choose a mortgage agent that you can trust to get the best deal for you
If you’ve never worked with a mortgage agent or applied for a mortgage before, you may not know where to start when it comes to choosing the right one for your needs. To make the whole process easier for you, I've outlined ten valuable questions to ask a mortgage agent.
During your initial consultation, ask these questions to help you understand if this professional is the right fit for you, and capable of finding a mortgage solution based on your situation.
1. How do I qualify for a mortgage?
If you have not secured a mortgage before, you may not know the ins and outs of mortgage procedures. For you to understand whether or not you can qualify for a mortgage, ask your mortgage agent to explain the process to you.
2. What size mortgage can I qualify for?
Before choosing a home, you may want to consider the size of the mortgage you can qualify for. A mortgage broker will assess your credit history, income, and finances to give you an estimate.
3. Should I look for a mortgage before or after I submit an offer to purchase a home?
While some mortgage professionals may suggest that their clients may look for a mortgage after submitting an offer to purchase a home, most mortgage professionals will suggest that their clients establish whether they can qualify for a mortgage before making an offer on the house.
4. Can I get a mortgage if I have bad credit?
If you have bad credit, you need to ask your mortgage agent for advice on how to improve your credit score before applying for a mortgage.
5. How much income do I need to qualify for a mortgage?
It is best to discuss your income with your mortgage agent to check whether you earn enough income to qualify for the mortgage you are seeking.
6. How much down payment do I need for a new mortgage?
Down payment is one of many details in determining the interest rate and terms of payment. If you’re applying for a new mortgage, ask your mortgage agent about how much down payment you will need.
7. How do I qualify for a low-interest rate?
As you want the best mortgage deal, discuss the different ways to lower your mortgage rate with your agent. Provable income and good credit are 2 important details that will affect your ability to qualify. An ideal mortgage agent will work to create the best mortgage solution based on your situation.
8. Should I talk to a real estate agent before applying for a mortgage?
Prospective home buyers need the advice of a good real estate professional. You should talk to your mortgage agent and your real estate agent before you commit to the purchase of the home you want to buy. Mortgage agents need to know the details of your purchase strategy so they can better understand how to help you with your mortgage needs.
9. How do I pre-qualify for a mortgage?
Pre-qualifying is often the first step of the mortgage process. Talk to your mortgage agent about how, when, and why you may be able to pre-qualify so you can be better prepared for your home purchase.
10. Can I get a mortgage if I have been bankrupt?
If you are bankrupt, you need to discharge your bankruptcy and will need to increase your credit score and increase your down payment to improve your chances of getting qualified. If this is not possible, there are other types of lenders in the industry who may be able to help. Talk to your mortgage agent so that they can find ways to help you improve your chance of securing a mortgage for the home you want.
Want to get started with your home buying journey by applying for a mortgage? Then reach out to Andre Ouimet - Mortgage Agent. License number “M-13000820”.
With experience in the mortgage and real estate industries and access to competitive lenders, I can often meet your mortgage needs by creating a mortgage solution based on your situation. I can help you right from pre-qualification to closing the deal and ensure that you get the best deal possible. I offer a full range of mortgage services to clients across Barrie, Newmarket, Aurora, Port Perry, Oshawa, Whitby, Ajax, Pickering, Markham, Richmond Hill, Vaughan, Scarborough, Toronto, Caledon, Brampton, Orangeville, Mississauga, Milton, Oakville, Guelph, Kitchener, Burlington, Hamilton, St. Catharines, and Niagara Falls, ON.