Questions To Ask About Your Calgary Mortgage Broker or Lender - How do I talk to a mortgage lender?
Most people assume that they only need to walk in with one question: “What’s your best mortgage rates for my house?”
While that might work to open the door, there are more considerations that you should be asking about. Ask questions like “what’s the term” or “How much with insured mortgages” should get your lender talking. They know that you’ve come prepared to be thorough. Ask leading questions like:
What are the penalties?
Are there refinancing restrictions?
What about portability issues?
These are three big questions that conquer some the hidden regulations that mortgage regulations that can restrict your movements in the future. Should you need to refinance or move your mortgage in the future, know how much flexibility you can acquire with your mortgage lender.
Lastly, the secret question that you should ask (even if you’re not negotiating a mortgage rate) is this:
Is this the absolutely lowest rate you can offer in my situation?
That line, more often than not, opens up the possibility to access hidden rates, also known as “discretionary rates”, which they might save for well-qualified candidates or great customers. And it never hurts to ask. Just be warned again that “discount rates” are not the be-all and end-all of your personalized mortgage discussion.