Taking out a mortgage on your property is one of the biggest financial commitments you would make in your life. While you would largely be focused on securing the home finance and concerned mainly on the amount you can borrow, you should be clear on all the mortgage options available and the various types of home mortgages. Therefore, it is critical for you to know the key questions to ask before taking the plunge.
Below is a list of basic questions you should ask when taking out a home loan:
- How much can I borrow and how does the bank calculate this amount?
- What is the mortgage loan down payment requirement?
- Is there a minimum threshold that I have to adhere to?
- What is the down payment amount I need to make?
- How to compare mortgage interest rates between variable and fixed?
- What is the lowest home loan interest rate currently available in the market?
- How does the interest rate change over the life of the loan?
- For how many years can I avail the loan?
- What are the current mortgage rates?
- Can I prepay the loan and what are the pre-payment fees?
- What other fees and charges I should be aware of?
- Are life and property insurance mandatory?
- What are the eligibility criteria?
- What documents are required?
- How long will it take to process the loan application?
- What happens in case I do not have the funds?
If you are a first home buyer looking for a home loan, it is normal that you feel stressed out as you face many challenges: understanding the mortgage process, sorting through the extensive range of offers available in the market, comparing the interest rates, deciding on which bank to go with, etc. Understanding the mortgage process alone will probably leave you feeling dazed and confused.
Our role as professional mortgage advisors is to take all your stress away by guiding you through all the mortgage requirements, clarifying all doubts you may have, clearing any misconceptions and making you feel confident about all aspects of the mortgage process.
At Lion Mortgage Consultants we put our financial expertise, market knowledge and professional advice into your service. We believe that you deserve to benefit from the best offer when it comes to your mortgage, with terms that suit your specific needs perfectly. Our team of professional consultants is here to help you sorting through the extensive range of products available in the market to select the most suitable home loan and obtain the best possible mortgage terms available in the market.