Good Faith Home Buyer

What to Ask Lenders?

Are you planning to buy a home?  Are you getting a loan? Have you wondered what to ask lenders before you meet a loan officer? Here are some generic and specific questions you want to consider.

Some general questions:

1. What are the most popular mortgages you offer? Why are they so popular? 2. Are your rates, terms, fees and closing costs negotiable? (People don’t realize that you could negotiate fees. ) 3. Do you offer discounts for inspections, homeownership classes or automatic payment set-up? 4. Will I have to buy private mortgage insurance? If so, how much will it cost and how long will it be required? (This private mortgage insurance gets added to your mortgage and adds up your entire monthly payment. Please verify how much it is. Generally, your mortgage will include principal, interest, property tax, and home insurance) 5. What escrow requirements do you have? 6. What kind of bill-pay options do you offer? 7. Do you do remote closings? (Remote closing is very popular. Due to electronic signatures, people could be anywhere to close) 8. Please ask the entire process so you are familiar with the procedure. Leading Mentalism & Magic Trick Training! Uncover The Secrets Of Top Mentalists & Magicians.

Specific Questions:

1. What would be included in my mortgage payment? 2. Which type of mortgage plan would you recommend for my situation? 3. Who will service this loan – your bank or another company? 4. How long will the rate on this loan be locked-in? Will I be able to obtain a lower rate if the market rate drops during the lock-in period? 5. How long will the loan approval process take? 6. Are there any charges or penalties for prepaying this loan? 7. How much will I be paying in total over the life of this loan? Always don’t be afraid of asking any questions if you are not sure. In the end, you are their customer. If the lender doesn’t lend people money, they don’t make money either. Just remember, as much as you need their help, the lenders need you too. Source : National Association of Realtors ®

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