5 QUESTIONS YOU SHOULD BE ASKING YOUR MORTGAGE BROKER

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5 QUESTIONS YOU SHOULD BE ASKING YOUR MORTGAGE
BROKER
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• Once youve selected a mortgage broker that you
  feel comfortable working with, there are many
  questions that you might have for them, but here
  are 5 of the most important
• Considering my financial circumstances, which
  lender would be best?
• Its part of your mortgage brokers job to
  thoroughly assess your finances, and you should
  provide them with all the relevant information so
  that they can offer you an informed selection of
  lenders. They will need to determine which lender
  offers the least degree of risk for your
  financial circumstances, and once done, you
  should discuss the brokers recommendations
  together before selecting what you both believe
  to be the best loan.

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• What rate of interest will I qualify for?
• Your overall cost of borrowing is dependent upon
  the interest rate that you qualify for if you
  qualify for a lower rate, you could save yourself
  a lot of money, whereas a higher rate will mean a
  more expensive loan that might be harder for you
  to manage.
• Are there any extra costs that I should know
  about?
• There are several fees associated with applying
  for a mortgage, and if your broker hasnt already
  pointed these out to you, then you need to make
  it a priority to ask about them so that you can
  adjust your budget accordingly. Some extra fees
  include

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• Credit pull fee
• Appraisal fee
• Lawyer and notary fees
• Land transfer fee
• Home inspection
• Recording fees
• Title registration
• Taxes

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• Is there an estimate of the overall cost of the
  loan?
• Keeping in mind that there can be many extra
  costs when youre offered a loan, you should ask
  your broker if they can provide you with a loan
  estimate, that should include all costs
  associated with your application.
• What is an appropriate down payment?
• If youre buying a property for the first time,
  you might assume that the bigger your down
  payment is, the lower your mortgage rate will be,
  but this is not the case.

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• You could give a down payment of just 5 and
  still be given the exact same rate as someone who
  had put down more than 20, so its important
  that you ask for your mortgage brokers advice
  when it comes to making your down payment.
• Will I be able to close my mortgage on time?
• Lenders who cannot close your mortgage on time,
  can result in you having to pay extra to cover
  the costs of rescheduling movers or finding
  alternative accommodation while you wait to move
  in. Make sure that your broker can give you the
  necessary guarantees.

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• You should feel comfortable asking your mortgage
  broker all these questions and more, and if
  youve found the right broker for you, theyll
  answer them honestly, and as swiftly as they can.

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• Red Key Mortgage is located in Calgary, Alberta.
  We are a boutique brokerage with high volume
  serving hundreds of clients locally and
  nationwide every year. We have a number of
  associates dealing in mortgages as licensed by
  the Real Estate Council of Alberta. As the best
  mortgage broker in Calgary, Red Key Mortgage,
  will provide all of your available options from
  the entire mortgage market and allow you to make
  an educated decision where you'd like your
  mortgage to go. Red Key Mortgage works with big
  banks in Canada, as well as over a dozen other
  AAA lenders. Best of all, our services are paid
  for by the lenders at no additional cost to our
  clients. If you are looking for Calgary mortgage
  brokers, contact us today! We can't wait to get
  started.