Reason #8: Understanding the Fine Print
Obtaining a mortgage is a very paperwork intensive process. You will be initialing, signing, and waiving things like never before. A good mortgage broker will never tell you to just “sign here”. We will educate you and make sure you understand everything you are signing, as a knowledgeable third party.
Your documentation package for review will include the following:
- Lender’s Commitment including all of the terms and conditions, which can vary from lender to lender.
- Full cost of borrowing disclosure. How much does your mortgage actually cost you over the term of the loan. What is the APR on your loan?
- Your property appraisal (if applicable).
- The mortgage life and disability insurance options that might be available to you.
The final review and signing of documents for either a purchase or a refinance is done at your lawyer’s office. As your mortgage broker, we ensure that you arrive for your meeting at the lawyer’s office educated and well prepared to finalize the mortgage.
As always, if you have any questions or concerns let me know.