When you are applying for a home mortgage loan, you will work closely with a mortgage broker. The broker acts as an intermediary between you and the financial institution. It is very important that you are honest and open with your broker to get the best results so that you can close your loan in peace. Here are some of the things that you need to discuss throughout the process.

Bank Accounts: Your mortgage broker needs to have recent information from all of you bank accounts. You should have records of the amount that you have set aside in your mutual funds or savings accounts. You also need to hand over the last few bank statements from your checking account. Your mortgage specialist will use this information to verify the numbers that you have told him during the interview process. If you try to withhold information, such as overdraft charges or other negative data, it will show up on your bank statements. This may cause the broker to question the other information that you have told him. Withholding negative information may also affect your eligibility for a loan. While it is possible to still get a loan despite problems with your accounts, you may end up paying a higher interest rate. However, this is better than being denied because you failed to be honest with your broker.

Fees: While it is important that you are honest with your broker, he also needs to be honest with you. He should fully disclose all costs and fees that are associated with obtaining the loan. These may include surveys, appraisals, notary fees and closing costs. You will also have to pay your mortgage broker for working on the loan.

While your mortgage broker will know ballpark figures, he may not know the exact cost of the fees that will be incurred throughout the loan process. You need to be open to the idea that these might change. The cost may also change as your loan is submitted to the lender. Banks often ask for additional reviews or information in order to feel comfortable approving the loan.

Your broker may be able to roll these extra fees into the mortgage. If not, then you may have to bring money to closing. When you and your mortgage broker dont communicate effectively, it can make the loan process even more difficult. Keep the lines of communication open, and you will find that everyone is happier and that you wont be wasting each others time.