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Advice on what to expect from your home mortgage loan broker

This is a mortgage article that was written to advise you on what you should be able to expect from your home mortgage loan broker.

From an honest, helpful home mortgage loan broker, you should be able to expect:

No home mortgage loan broker fees until closing

A home mortgage loan broker shouldn't charge you broker fees until the closing of your home mortgage loan. Why? Well, unless they got you financing/refinancing for your property, they haven't really done anything for you.

An honest mortgage loan broker will not charge you any fees for their services - until they actually get financing for you. And they've only actually literally gotten financing for you when your home mortgage loan closes: when you sign your mortgage loan contract. So avoid brokers who charge broker fees before closing - they're not being fair to you.

No charge for you to apply for a home mortgage loan

A home mortgage loan broker shouldn't charge you to apply for a home mortgage loan. Come on - an application is just something you're using to give a broker information about you. And until a broker processes that information, they can't even let you know if they can serve your particular mortgage loan situation or not. What if they tell you they can't give a mortgage loan? Then your application payment was a big waste of money.

You shouldn't be charged for simply applying for a home mortgage loan. It would be like a store charging you for walking in their door: and that's simply not fair. So steer clear of home mortgage loan brokers that charge you to apply for a mortgage loan - you'll save money and avoid fraudulent brokers.

No charge for a home mortgage loan consultation

A home mortgage loan broker shouldn't charge you for a consultation. You shouldn't be charged for an in-person consultation, or an over-the-phone consultation or an email consultation etc. Why not?

It's like this. Say you went into an appliance store to check out fridges, and spent some time talking to the sales clerk to find out what types of fridges were available there and their cost. Would you expect to be charged for talking to that clerk? I hope not. The same goes with mortgage loan brokers.

Mortgage loan brokers shouldn't charge you fees for a consultation. It's your right to know about a product/service before you use it, right? So if you find a broker that charges you for a consultation, steer clear of them.

Information about your home mortgage loan closing costs

A home mortgage loan broker should provide you with information about your mortgage loan closing costs. Sometimes you can't predict all the little extra costs involved in closing a mortgage loan. Especially if it's the first time you've gotten a mortgage loan, or it's the first time you've used a particular broker.

Knowing what costs are involved is necessary - you need to know the full expense of getting a mortgage loan in order to see if you can afford to get one when you want to. If a broker won't tell you about the closing costs involved (and especially about their broker fees) it's best you move on to another broker.

Just so you're aware, closing costs for a home mortgage loan generally include:

  • Mortgage loan broker fees
  • Mortgage loan lender fees
  • mortgage loan legal fees
  • Mortgage loan registration fees
  • Disbursement fees

Information about your home mortgage loan payment options

A home mortgage loan broker should provide you with information about your mortgage loan payment options. Why is that important information? Well, there's many many ways to pay off a mortgage loan, and you want make payments in a way that suits you - your income and your future budgeting.

Knowing what payment options are available to you is really important. You don't want to get stuck without the option to pay off your mortgage loan faster - which could save you money. And you need to know if there are financial penalties for making prepayments or completely paying out your mortgage loan. If a broker won't give you full information about all of your home mortgage loan payment options - avoid them like a plague.

Learn more about home mortgage loan payments

Information about all home types of mortgage loans available to you

A home mortgage loan broker should provide you with information about all of the home types of mortgage loans available to you. You want a mortgage loan that suits you best: one that has the rates, terms and payments that work for you.

There are at least 30 different home types of mortgage loans: and although all of them might not work for you, a lot of them could. And there are also "innovative mortgage loans" where a broker can use multiple mortgage loan types to make your deal work. So there's no excuse for any broker to try and convince you of a mortgage loan type right away without letting you know about your options. If a broker won't give you information about what home mortgage loan types are possible for you - tell them to scram!

Learn more about home types of mortgage loans

Information about your home mortgage loan qualification

A home mortgage loan broker should provide you with information about your home mortgage loan qualification. You want to know about the different ways you personally could qualify for a mortgage loan so you can get a mortgage loan in a way that suits you best.

Sometimes you could qualify for a home mortgage loan without income verification. And that could make it easier for you to get a mortgage loan. Sometimes you could qualify for a home mortgage loan without a down payment. And that could save you money. If a mortgage loan broker won't give you information about your mortgage loan qualification, then move on to another broker.

Just so you're aware, you can get home mortgage loan qualification by having at least one of the following:

  • A down payment
  • Good income
  • Good credit
  • Equity in property

If you would like to get more info about home mortgage loan advice like me, contact The Mortgage Store Online's brokers by using the contact form or by calling them at 1-866-880-2577.

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