2 Thoughts on I am first time home buyer meeting with a mortgage specialist to discuss the mortgage process, what questions?
  1. Reply
    February 9, 2014 at 4:34 pm

    credit score requirements,
    down payments co; credit scores

    max loan $ available

    and can ALL costs be added to the loan.

    excluding the appraisal in some cases, the answer is yes

    never front a MB a penny.

  2. Reply
    February 9, 2014 at 5:11 pm

    what is the loan to income value based on your earnings can you borrow 2x earnings 3x earnings etc

    what are the borrow cost on the mortgage most charge a set up fee on a mortgage which can be added to the mortgage

    how many years is the mortgage over

    interest rates, beware of low start mortgages they usually jump to a high rate after a year or so

    penalties for paying the mortgage off early, most have an indemnity clause whereby if you wish to swith mortgage lender or move they will charge you a fee for paying off mortgage.

    how much is the survey, most mortgages company do their own survey on a house to check it is in a livable condition and is worth what you are paying for it, find out how much this is some are free.

    what deposit do you need, in the current climate you have to find at least a 20% deposit.

    Interest only mortgage or repayment , interest only you will never pay the loan the house will either have to be sold at he end of the mortgage and hopfully there will be enough equity to pay the mortgage, or you will need to have an insurance plan to pay the mortgage at it end.

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