When you're shopping for a mortgage, it's important to remember that the person you're working with is trying to help you get the best loan possible. That means they might not be interested in hearing about your sob story or financial woes. Here are four things you should avoid saying to your mortgage broker:
1. I can't afford that.
If you tell your broker that you can't afford a certain loan product, they may be less likely to offer it to you. Instead, try asking what options are available within your budget.
2. I don't have any other debts.
Your mortgage broker needs to know about all of your debts in order to give you an accurate picture of what you can afford. withholding information about other loans or lines of credit could result in a higher interest rate or even being denied for the loan altogether.
3. I'll just put my house up for sale if I can't make the payments.
This isn't necessarily a bad thing to say, but it could come across as though you're not serious about keeping up with your payments. If your broker gets the impression that you would simply walk away from the loan if things got tough, they may be less inclined to work with you.
4. My friend/family member said I should get XYZ type of loan. Unless this person is a licensed mortgage professional themselves, their advice may not be well-informed or tailored specifically for your situation. It's always best to consult with a qualified professional before making any decisions about financing