5 Questions to Ask Your London Mortgage Broker

Getting a mortgage is a big step. Whether you’re buying your first home or refinancing, it helps to ask the right questions. The answers will help you understand your options better and avoid surprises.

Here are 5 important questions to ask your broker before moving forward.

1. What Types of Mortgages Do You Offer?

Not every loan is the same. Some have fixed rates. Also, some have variable rates. Some loans are best for first-time buyers, others for people with less-than-perfect credit. Ask your mortgage broker in London what types they offer and which one fits your situation best.

2. How Much Can I Borrow?

Don’t guess. Your broker should help you figure out how much you can borrow based on your income, credit score, and debt. This helps you look at homes in the right price range. It also helps you plan your monthly payments.

3. What Will My Interest Rate Be?

Interest rates matter a lot. Even a small difference in rate can change your total cost. Ask your mortgage broker in London if the rate is fixed or variable. Also, ask how long the rate will last and if it could go up.

4. What Are the Total Costs?

Mortgages come with fees — like lender fees, closing costs, and maybe even penalties for early payments. Ensure your mortgage broker explains every cost. Ask for a written breakdown so nothing is a surprise later.

5. How Long Will the Process Take?

Getting a mortgage doesn’t happen overnight. Some take a few days, others a few weeks. Your broker should give you a timeline so you can plan.

Are you looking for a broker you can trust? Start with a professional mortgage broker in London, Ontario who puts your needs first.