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Monday, August 26, 2019

Importance of communicating with a mortgage broker

Posted by admin on December 4, 2012

When you are applying for a mortgage loan, you will feel the requirement of a mortgage broker to assist you with all the loan formalities. He will act as the link between you and the financial institution. There should be a completely transparency between you and the mortgage broker.



Your mortgage broker will ask for the most recent bank statements while he is working on your loan application. You should give him a fair idea about all your investments and money available in the checking account. This will help him to negotiate in a better way with the bank from whom you are applying for the loan. He will verifying all your information given in the interview process. If you have any negative information on your bank statement like overdraft charges or other fees, it is important that you mention it to the mortgage specialist so that he is not cross-questioned by the bank.

Not giving accurate information can also withhold you from getting approved for the loan. Even though if you get approved, the lenders will charge you very high interests and fees. Hence, it is important to be honest with your mortgage broker and throughout the loan application process.

While you are being honest with your broker, the broker should also return you with the same honesty. He should explain you all the fees and associated costs in clear words. This may include surveys, appraisals, notary fees and closing costs. And he should also discuss about his fees.

Your mortgage broker will give you an estimate of the total costs incurred throughout the loan process. This cost may change as your loan is submitted to the lender. The bank will need some additional information before they approve your loan with complete peace of mind. If there are any extra fees involved, your mortgage broker like should be able to roll it into the mortgage payments.

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