For many people, purchasing a home is one of the biggest investments they’ll make in their lifetime. It’s the best way to get out of the cycle of paying monthly rent and diverting those funds to a tangible asset that’ll help you build greater wealth. However, the process of obtaining a mortgage, finding the ideal property, and closing the deal can be overwhelming, especially to those who have never done it before.

Luckily, there are plenty of real estate and financial experts available to help you navigate the homebuying process, and one of the most valuable is your mortgage broker. This is the individual who will help you find the right loan option for your unique needs, so it’s essential that you choose the right one. If you ask these following questions, you can be confident that you have a Phoenix mortgage broker who will set you up for success.

Questions to ask potential mortgage brokers in Phoenix.

How do you communicate with clients?

When it comes to something as significant as taking out a mortgage and purchasing a home, you can’t overlook a single detail, and time is always of the essence. That’s why communication is so critical when it comes to working with a Phoenix-based mortgage broker.

Before choosing to partner with anyone, ask if they are available via email, text, phone calls, and in-person visits, as well as how quickly you can expect a response to your inquiries or concerns.

Can you provide a clear breakdown of the estimated costs of my mortgage?

Back in 2015, the Consumer Financial Protection Bureau updated the Truth in Lending Act to replace the complex good faith estimate document with a more streamlined and buyer-friendly loan estimate. While the loan estimate isn’t quite as confusing, it’s still best to have your mortgage broker break down all of the costs associated with your mortgage.

This should include interest rates, monthly payments, closing costs, and how they are getting paid. That way, you can better compare different options and find the best value possible.

Will you help me find any down payment assistance I qualify for?

One of the biggest hurdles many people face when buying a home is how they will afford the down payment. Luckily, there are numerous different programs and loan options available to help make it much more affordable.

Between things like Arizona’s Pathway to Purchase Down Payment Assistance program, FHA loans, and VA loans for former and active members of the military, it’s possible to lower or eliminate entirely your down payment cost, and the right mortgage broker in Phoenix will help you do it.

Does my loan have any type of prepayment penalty?

Over the course of paying off your mortgage, you might find that your economic situation has improved, and you can afford to overpay on your monthly payments. While this sounds good in theory because it’ll allow you to obtain complete ownership of your property sooner, it could have its drawbacks.

Some loans come with a penalty for paying off the debt earlier than the agreed-upon timeframe, because it ends up costing the lender money in interest payments. To counteract this risk, they will sometimes build in language into the agreement that forces you to pay a penalty if you don’t see the loan out throughout its terms. Knowing if your loan has this clause will dictate the best repayment strategy.

Are you searching for a mortgage broker in Phoenix?

Then contact the mortgage expert here at Atlas Crown Mortgage. I’ve spent more than two decades learning everything I can about the loan process, so I have managed to streamline the entire experience and get my clients the best value possible. You can learn more about the services I offer, or connect with me online to set up your initial consultation.