Frequently Asked Questions About Mortgage Refinancing
Whether you’re looking to expand your business, raise money for land acquisition, or a financial windfall to buy equipment or materials, mortgages are an easy way to increase the necessary capital. However, when it comes to the mortgage and finance sector, you may have many questions but often find answers difficult to come by.
Victor Matos – Mortgage Agent – Insurance and Investments Advisor, wants to arm you with the most accurate information to help you make informed decisions. To do this, I’ve answered some of the most frequently asked questions about mortgage services.
1. What’s the cheapest way to consolidate my debts?
Debt consolidation takes careful planning and discipline. One way of tackling the issue is getting a new mortgage. This is also one of the cheapest ways of borrowing money.
2. Can my bank provide me with the best mortgage solutions?
Not really. You see. Unlike a bank, your mortgage broker will always be loyal and operate in your best interest as we only get paid if you, our client, are happy and accept the product. A bank has its own mortgage product, which it is obliged to sell regardless of whether it is the best.
3. Is the lowest rate the best deal?
Once again. No. rarely is it do you find a mortgage with an extremely low rate that doesn’t have some catch or downside. A low-rate deal often has other restrictions such as hidden fees, higher prepayment penalties, or questionable lenders.
4. Is it safe to deal with a mortgage broker?
As long as the mortgage professional you choose to deal with can provide good references, has good reviews, has been in the industry for a long time, and has a solid experience. Yes, it is generally safe.
5. Can a mortgage agent help me get a mortgage from a bank?
Yes. Asides from very few exceptions. Furthermore, some lenders only offer their products through mortgage brokers. So you as a client are guaranteed more choices when dealing with a mortgage broker.
6. Is every mortgage safe?
There are lenders out there whom mortgage brokers and their clients may have had bad experiences with. It’s our job to be up to date on happenings in our industry and inform clients of such events and pitfalls.
7. Do I pay my mortgage agent for his services?
In most cases, no. The lender pays me for my services. When a lender does not pay for my services, I inform my client upfront that there will be a fee for my services. Clients get total disclosure upfront of all fees and charges.
8. Is it wise to attempt to arrange the mortgage myself?
We won’t lie and say it is not possible. But a mortgage professional’s involvement will guarantee you a better deal and service. A mortgage broker can additionally act as a voice of reason for you. They can review your financial information and give you an honest assessment of what you can expect from the mortgage product.
If you have more questions about mortgage and lending options, get in touch with the expert at Victor Matos – Mortgage Agent – Insurance and Investments Advisor. As a leading mortgage agent and insurance and investments advisor in Hamilton, Ontario, I take great pride in helping my clients find the perfect insurance plan to meet their individual needs. My mortgage services include home purchase mortgages, mortgage renewals, mortgage refinancing, and home equity mortgages. The insurance and investment services include life insurance, critical illness insurance, disability insurance, registered retirement savings plan, and registered education savings plan.