Choosing A Mortgage Broker: Questions To Ask When Evaluating

 


Thinking of purchasing a home? Shopping for a mortgage can be one of the most arduous steps in buying a home. Whether you’re on your first or your fifth, navigating the difficult lending waters and finding one mortgage that suits you can be headache-inducing. Hiring the best mortgage broker in Cork can simplify this process by connecting you with apt loans, preparing your application materials and guiding through underwriting and closing.

Choosing a good mortgage broker might seem like a no-brainier if you go with whoever quotes you the lowest fees and rates. On the surface, it might seem like a win-win strategy. However, you need to remember that the lowest fees and rates cannot make up for a lack of transparency or poor services. So, before you select a mortgage broker, ensure the expert satisfies several criteria.

Wondering how to hire the right specialist? Read on.

5 Questions To Ask A Mortgage Broker In Cork Before You Sign

1.      What Kind Of Experience Do You And Your Team Have?

Is this your first foray into home-buying or are you refinancing? If so, it will help to have a skilled broker by your side that can help you make sense of the complex underwriting process. Here are a few key things to know about the experience of brokers:

·         How long have they been in business?

·         Are the broker and his team accessible?

·         How prompt are they?

·         Do they have a diligent support team or do they work alone?

·         Are they comfortable in communicating the way you do – phone, text, email, etc.?

 

2.      How Does The Application Process Work?

With more and more lenders offering digital platforms to let you track the progress of your loan, the ambiguity around underwriting is gradually dissolving. However, not every lender has an online platform. You need to know a few aspects about the process like:

·         Timeline and cost to lock in a mortgage rate

·         Specific loan product requirements for debt-to-income ratio, down payment, credit score, etc.

·         If there’s an online platform where you can upload documents and check your loan progress

·         Documents necessary at each point in the loan process and the deadline for submitting them.

 

3.      Can I Speak To Any Of Your Recent Clients?

It is worth asking this question to check what your prospective broker says. If there is any sort of hesitation or you sense that he/she is uncomfortable, consider it as a sign that you shouldn’t do business with them. You must look for a reliable mortgage broker in Cork who readily supplies the names, numbers, or emails of the customers, indicating he/she has a proven record of satisfying clients.

4.      What Are My Odds At Qualifying For A Mortgage?

Before starting the home buying journey, it is advisable to ensure your financial health is set. If your credit is low and you have a bankruptcy or high debt payments, income or employment issues, you will want to share that with your broker.

You will want to work with someone honest. In case the broker sounds like you will have no problems in getting a good mortgage rate, you might want to think twice. This is because if your finances aren’t in order, the broker should set realistic expectations of your chances of qualification.

5.      What Is Your Availability?

If you are in a hurry to purchase a home, you would want to know if your mortgage broker is ready to move as quickly as you. Inquire how many clients they generally work with at one time and ask when they will be available to start looking for the right loans for you. Keep in mind that someone who has their hands full will be unable to give you the attention you need if you wish to buy a house right away.

Final Thoughts:

A professional mortgage broker in Cork will help you understand your credit report and provide advice on improving your credit score, selecting the right loan. Time to hire a specialist and set yourself up for success!

Comments

Post a Comment

Popular posts from this blog

Should You Mortgage to Consolidate Your Debt? The Dos and Don'ts of it According to Expert Mortgage Advisor in Ireland

  Getting into a debt trap is never the plan. But planning for Debt Consolidation is crucial lest it not become a bigger trap than the one you are already in. Mortgaging can be a safe and secured credit system to pay off existing debts and they are comparatively easier to get than unsecured loans. But as the idea of getting out of your existing debts welcomes the hopes of a breather, here are some key pointers and fact check to keep you faithful to your new commitment of repaying the Mortgage Loan.   Mortgage for Debt Consolidation - What It Means And How It Works   Consolidation means getting a big amount of loan to pay multiple outstanding loans. The amount of the Consolidation Loan would be greater than the combined amount of all your Outstanding Loans - credit card bill, outstanding electricity bill, insurance premiums, personal loans etc.   If you own a house, then you can use the asset for mortgaging that could possibly arrange the massive amount ne...
Read more

Why Should Entrepreneurs Consider Hiring A Professional Financial Advisor?

Image
  Every entrepreneur needs to be comfortable with risk. Having the ability to take on higher levels of risk is a trait that helps you achieve business success. In every sector of your organisation, you will likely hire experts for certain roles, from human resources to manufacturing to sales. So, why should managing the finances be any different? Hiring an experienced financial advisor in Cork can be a huge stepping stone for your business.    No matter how careful you’re at managing risks, there are times when things that are out of your control occur. Entrepreneurs need to plan ahead and having a good financial advisor by your side is thus important. An advisor who knows your business and your financial solution can help you develop and implement a plan to put your money aside in a tax-efficient manner, thus allowing you to save money on taxes while funding for your future. 3 Reasons Every Entrepreneur Should Hire The Best Financial Advisor In Cork 1.  ...
Read more

How Can The Best Business Advisor Help Your Company In The Long Run?

  Do you think seeking professional business advisory services is an unnecessary commitment to a large investment of money and time? Think again. Skilled business advisors can save more money (as well as time) than what it costs for their services. No matter whether you are a start-up or an established business, business advisors can be a big asset to your company. Wondering why? By streamlining your processes, reducing your unnecessary expenses, reaching more profitability, and increasing employee productivity, a well-qualified business advisor in Cork can help your organisation save money and time in the long run. The business advisor is a strategist who works with your organisation to help with finances, planning, marketing, and also development. You need to think of them as an extension of yourself as the entrepreneur or business owner. This is because they are capable of lending their expertise where required and spending time researching the areas where there’s a great...
Read more