What to Ask When Getting a Loan
Before you start looking at homes, it’s wise to get connected with a quality client-focused lender. The right lender can be extremely helpful to help you achieve your goals. Part of being prepared to get a loan is asking your mortgage company the right questions. The following are a few good questions to ask any lender or mortgage broker you may be considering…..
- What Documents Will I Need to Get a Loan?
- Can you explain which types of loans are best suited for my needs?
- Do you approve loans in-house?
- What kind of down payment will I need to get a loan?
- Are there any special programs available to me?
- Do you charge an origination fee?
- What other fees do you charge as a lender?
- What is the interest rate I will be paying and what is the APR?
- How does your rate lock policy work?
- Do you charge a penalty if I repay early?
- Can I get a pre-approval for the loan?
- What should I avoid doing to preserve my pre-approval?
- How likely do you think I am to get the loan I want?
- What will my mortgage payment be?
- What are my closing costs?
Final thoughts
When you are meeting with your lender take this series of questions with you. By having the list, there will be no questions you forget to ask. Never underestimate the importance of who you pick as your lender and one specific word of caution….the big megabanks are often the worst option to obtain personalized timely service.