5 Questions to Ask Your Mortgage Broker

The state of the union address, while optimistic, still indicates that more needs to happen before the economy becomes great again. That being said, home ownership does not have to be the difficulty it once was. Mortgage Brokers in California are able to answer individual’s questions and ease the financial difficulties that can come with taking out a mortgage. Here are five questions to ask your mortgage broker at your next visit:

Which Mortgages Will Give Me the Best Interest Rates?

Mortgage Brokers in California have access to different mortgages based on their client’s status. Veterans, for example, are able to apply for VA loans that often include lower monthly payments, interest rates, and other benefits. Other options include reverse mortgages for home owners over 62, loans for first time home owners, as well as 50 year loans, 20 year loans, and others.

What Affect do My Finances have on Home Ownership?

Your finances, while used to calculate your eligibility for loans, may not be as important as your credit score. Your credit score is a number each person requires over their lifetime and is a reflection of your borrowing history. Credit scores take into account your credit card payments, rent payments, and other lines of credit.

What Payment Plans are Available to Me?

Payment plans vary from person to person as well as from loan to loan. California mortgage brokers will be able to tell you what payment plans are, as well as be able to calculate monthly payments. It can be beneficial to understand your options before signing into a new mortgage contract.

Will Interest Rates Change with the Economy?

There are a few different kinds of loans – adjustable and non-adjustable rate mortgages. Adjustable rate loans give lenders the ability to change interest rates over the time of your loan. This means that the amount you pay each month will depend of factors including the state of the economy. California mortgage brokers will be able to give you an estimate on how much your rate could change over the course of your loan.

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