Are you looking to work with a Toronto mortgage agent? A mortgage agent can help no matter the stage in your house-buying journey. We’ll explain four questions you should ask your mortgage broker.
1. How expensive a home do you think we can afford?
Housing prices have risen a lot in the past few years, and it can be tempting to stretch your budget to afford a house with all the amenities you want. However, you don’t want to buy a house only to risk not being able to pay off the mortgage!
Talk to your mortgage broker about how expensive a Toronto home they think you can reasonably afford. They can help you crunch the numbers and point out expenses you may have yet to consider, such as closing costs.
2. Can you lock in a mortgage rate for us?
Another good question to ask a mortgage broker is whether they can lock in a mortgage rate for you. When you lock in a mortgage rate, you’re protected if rates go up shortly. If rates go down, you’ll be eligible for the lower rate! You can usually lock in a rate for a few months; check with your broker for the exact details.
3. Can I put down extra money on the mortgage if I want to?
Sometimes, we end up with an unexpected influx of cash (for example, from a year-end bonus). A great way to use that money is to pay down extra on your mortgage, saving you thousands in interest charges in the long run.
Ask your mortgage broker about options for making extra payments. Also, ask if you can pay off your entire mortgage early and if there’s a penalty.
4. What are the benefits of working with a Toronto mortgage broker?
You’ve already seen one of them–you can ask them many questions! However, you need to know why you can benefit from working with a mortgage broker. There are lots of benefits, but these are some of the most common answers you’ll get:
- A broker can speed up the application process.
- They can help you shop around for rates that aren’t available to everybody.
- They can help ensure you are fully aware of all fees associated with buying a home and paying off a mortgage.
Let Our Toronto Mortgage Agents Help You Get Started Today!
Do you have questions about the mortgage process that we haven’t answered here? The best way to get your questions answered is to talk to one of our mortgage agents in Toronto.
Our qualified mortgage brokers can tell you about the many different types of products we offer, from second mortgages to reverse mortgages. No matter what your goal regarding Toronto home ownership is, we can help. Contact one of our mortgage brokers today at 888-257-8130 or contact us online.
