Finding theright lender for your mortgage is a very important step of the home buying process. With the right mortgage lender you will have a much smoother and less stressful closing. Knowing the right questions to ask your lender can be the difference in finding the right loan for your needs. Read on.
Be sure you find a loan that fits your needs with these comprehensive questions.
What are the most popular mortgage loans you offer?
Which type of mortgage plan do you think would be best for us? Why?
Are your rates, terms, fees, and closing costs negotiable?
Will I have to buy private mortgage insurance? If so how much will it cost and how long will it be required? NOTE: Private mortgage insurance usually is required if you make less than a 20 percent downpayment, but most lenders will let you discontinue the policy when you’ve acquired a certain amount of equity by paying down the loan.
Who will service the loan? Your bank or another company?
What escrow requirements do you have?
How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during this period?
How long will the loan approval process take?
How long will it take to close the loan?
Are there any charges or penalties for prepaying the loan?
If you need assistance in finding a good mortgage lender we can help. We have worked with many different lending institutions and can direct you to the ones that have been the most reliable for us.
