The Importance of Communicating With Your Mortgage Broker
You will work closely with a mortgage broker while applying for a home mortgage loan. Between you and the financial institution, the broker serves as an intermediary. To get the best results and close your loan in peace, it’s critical that you’re honest and transparent with your broker. Mortgage Broker Sydney-Wealthy You is an excellent resource for this. Here are some of the topics you’ll need to talk about throughout the process.
Accounts in a Bank
Both of your bank accounts must have recent details for your mortgage broker. You should keep track of how much money you’ve put away in mutual funds or savings accounts. You can also have the most recent bank statements from your checking account.
This information will be used by your mortgage specialist to double-check the figures you provided during the interview. If you attempt to hide information from your bank, such as overdraft fees or other negative information, it may appear on your bank statements. This will cause the broker to doubt the rest of the details you’ve given.
Withholding negative details could jeopardise your loan eligibility. Although you might be able to get a loan considering your account issues, you may end up paying a higher interest rate. However, this is preferable to being turned down because you lied to your broker.
Fees While it is important that you be truthful with your broker, he must also be truthful with you. All costs and fees associated with obtaining the loan should be fully disclosed. Surveys, appraisals, notary fees, and closing costs are examples of these. You’ll still have to compensate your mortgage broker for his or her efforts on the loan.