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To begin with, you should be prepared to offer the 'Mortgage Broker Harrogate' you will hire information about yourself and more precisely about your financial situation. Therefore, you will have to share your financial situation and you should be able to provide your credit report. The first thing you will have to establish is what kind of loan suits your needs best. In order to present the available loan options your broker needs to know more about you. It is imperative to hire a broker that gathers all the information he needs about you so that he can find the right loan for you.
Moving on, you should ask your 'Mortgage Broker Harrogate' to explain the pros and cons about fixed-rate loans, adjustable rate loans, interest-only loan and negative-amortization loans. It is not the job of the broker to decide for you. You will have to make the decision based on the information and the guidance you get from the broker. Next, you should inquire about the interest rate and the annual percentage rate. It is important to calculate the APR correctly. Also, if you decide to opt for an adjustable interest rate you will have to inquire about: adjustment frequency, maximum annual adjustment, highest rate, index and margin.
We should not forget about discount points and origination fees. Do you have all the costs of the mortgage loan and all the fees? These usually are appraisal, credit report, lenders title policy, pest inspection reports, escrow, recording fees and taxes. We should not forget about the prepayment penalty and the time needed to receive the funds you need. The first thing you will have to establish is what kind of loan suits your needs best. In order to present the available loan options your broker needs to know more about you. As you can see, there are many aspects you will have to discuss with your 'Mortgage Advisor Harrogate' and their importance should not be neglected.
Usually the loan processing period of the loan is between 21 and 45 days. Your 'Mortgage Advisor Harrogate' will tell you about the anticipated turnaround time for the loan, the obstacles that could hold up closing and how long after final application approval will the loan fund. It is not the job of the broker to decide for you. You will have to make the decision based on the information and the guidance you get from the broker. Next, you should inquire about the interest rate and the annual percentage rate. It is important to calculate the APR correctly. If you want to refinance a mortgage you will have to ask about types of refinance loans, refinance loan costs, drawbacks to refinances and advantages to refinances.
