Skip to main content

The Importance of Communicating With Your Mortgage Broker

You’ll work closely with a mortgage broker while applying for a home mortgage loan. The broker serves as an intermediary between the financial institution and you. It is very important that you are honest and open to achieve the best results with your broker, so you can close your loan in peace. Below are some of the things you need to explore all along the way. Checkout Best Mortgage Lenders In Orlando Near Me.

Credit accounts payable

Your mortgage broker wants details from all of your bank accounts that’s recent. You will have records of the balance on your mutual funds or savings accounts that you have set aside. The last few bank statements from your checking account must also be handed over.

This information will be used by your mortgage expert to check the figures you told him during the interview process. If you are trying to hide information, such as overdraft charges or other derogatory information, it will appear on your bank statement. This may lead the broker to doubt the other things you have been telling him.

Negative information withholding can affect your eligibility for a loan, too. While you can still get a loan amid issues with your finances, you may end up paying a higher rate of interest. But that is better than being rejected because your broker hasn’t been straight with you.

Charges

Although it’s important to be honest with your broker, he has to be honest with you, too. All expenses and fees associated with securing the loan should be completely reported to him. This may include surveys, reviews, notary fees and cost of closing. You’ll have to pay the mortgage broker to work on the loan, too.

Although the approximate estimates would be known to your mortgage broker, he does not know the exact cost of the fees that will be paid in the loan process. You have to be open to the possibility that things might change. The amount can also adjust with the loan being delivered to the lender. Banks also request additional feedback or details so that they can feel confident authorizing the loan.