Not all home lenders in Nanaimo BC are made the same. Different institutes can vary in policy and terms and conditions. Finding the right home lender for you can depend on multiple variables and sometimes it is a good idea to ‘shop around’ to find the best company or broker for you. In order to ensure you are making the best choice you can, what follows is a list of the three most important questions to ask yourself and the broker you are dealing with before you take out a mortgage with your decided company.
Which Type Of Loan Suits You Best?
Just as there are many different types of loans (i.e fixed rate, adjustable rate, interest only and negative amortization loans), the pros and cons to these loans vary. Finding the loan that suits you best is all dependent on your current lifestyle and future goals. Do some research into the different loan options out there, ask the company you are considering what they have to offer and share as much personal information that is needed with them in order for them to advise you correctly on which loan they believe is best for you.
What Is The Real Cost Of Your Loan?
Acquiring a home mortgage loan can be an extensive process involving multiple professionals and vendors. The fees in obtaining a loan can include appraisals, title policies, escrow, credit reports and where it is applicable taxes & recording fees. In some cases, home lenders can charge origination fees or “lender fees”, which is an additional charge above the interest due by you. The good news is that all brokers are required by federal law to present you with a document called the Loan Estimate once your application is completed. But you can and should ask for an estimate of these costs before you even apply for the loan, this will save you and your broker time and money.
What Is The Loan Processing Time And Can The Home Lender Guarantee On-Time Closing?
You can expect to wait between 21- and 45-days processing time for your loan. It is important to find out if you need to anticipate any obstacles that may obstruct or hold up the closing of your loan and exactly how long you can expect to wait after final application approval, for the loan to be funded. If your loan is not closed in time it will create a snowball effect of issues and leave you incurring additional costs. Remember to ask whether or not your home lender can guarantee on-time closing, and if not, how the costs incurred due to late closing that fall on you, are addressed.
Taking out a mortgage is a long-term commitment, so making the right decision for you and your family is vital to your future happiness. Nowik Mortgage Brokers are dedicated to helping you fund your dream home efficiently and effectively. Contact us today to chat to any of our brokers and start the journey to your future, today!