You may find that choosing a mortgage broker in Canada that offers the lowest fees and rates may not be that stressful. However, even though this may be very appealing to you due to the low amount of money that you are paying, you may end up not getting the right kind of services, or there may be the lack of transparency. Some of the most important questions that you should ask include the following:
There are many lenders such as Sherwood Mortgage Toronto who can offer an online platform whereby you can be able to track the progress of your loan. You should, however, keep in mind that not all lenders can offer this service and sometimes the underwriting process may take a long time. Things that you may need to ask about the application process include the following:
- The timeline takes to lock the mortgage and the cost of the mortgage rate
- The average time to close
- The documents that you are going to need at each stage of the application process as well as the deadline you are going to be given for submitting.
- The lender fees and also any third-party fees that you may be required to pay
- The companies that are going to be used for home loan services like escrow, appraisal and title insurance
- Whether there is an online platform that is available to you whereby you can be able to upload your documents as well as be able to check the progress of your loan
- What is the experience of the and the team involved
If this is the first time you are refinancing or venturing into the home buying business, it may be a good idea to have someone on your side who understands how the entire bank rate process takes place. Some key things that you may need to look at.
- Are they able to provide you with answers that are straightforward without any difficulty?
- How prompt and accessible are they?
- How long have they been in the market? What kind of experience do they have? Do they have any references?
- Do they communicate in the right way? Are you comfortable with the way they are communicating with you? Which other forms of communication do they make use of?
What is the best rate that I can get?
How you are going to ask this question is going to be a crucial in determining the most accurate pricing you are going to get. Talk to the mortgage broker and make sure that the two of you can come to an understanding.