The below are some questions you should be asked when seeking a mortgage.
Two main reasons you should be asking these key questions: A) If you’re only looking for the lowest rate, you should understand that low rates are important, but many of the lowest rates have detrimental terms and conditions that will cost you significant wealth and headaches down the road. B) It is important to make sure you protected against any unexpected life events and that you and your family are protected.
Questions you should be asked by your broker/banker:
- Are you a first time home buyer?
- Do you have an existing mortgage on your home?
- How would you describe your risk tolerance?
- Do you know the difference between fixed and variable rates?
- Is a portion of your existing mortgage tax deductible?
- How long do you plan on living in your home?
- Do you have a personal or family cash flow statement?
- Do you have a Will or Power of Attorney to protect your estate?
- Have you reviewed your life insurance in the previous 2 years?
- Could you afford your standard of living in the event of a premature death or illness?
**the above is only a sample of the questions we ask to properly provide a mortgage to clients.