QUESTIONS TO AKS YOUR LOAN OFFICER WHEN SHOPPING FOR A MORTGAGE

Dated: 03/08/2015

Views: 879

YOU FOUND THE HOME YOU WANTED, YOU MADE AN OFFER AND IT WAS ACCEPTED! HOORAY!

NOW YOU HAVE TO START SHOPPING TO FIND THE LOWEST RATES, HERE ARE QUESTIONS THAT WILL HELP YOU DECIDE WHICH LENDER TO CHOOSE. 

1. ARE THERE ANY FEES FOR YOUR LOAN SERVICE? WHAT ARE THEY AND WHEN WILL I BE PAYING THEM? 

2. DOES YOUR COMPANY PROVIDE A COMPANION DOCUMENT ASIDE FROM THE GOOD FAITH ESTIMATE (GFE), THAT WILL CLEARLY SHOW MY TOTAL MONTHLY PAYMENT FOR APPROVED SALES PRICE AS WELL AS TOTAL UPFRONT INVESTMENT?

3. HOW LONG OF A LOCK-IN WILL BE PROVIDED TO ME AT NO ADDITIONAL COST? WHAT IS NEEDED FOR ME TO LOCK-IN THE RATE?

4. DOES THE INTEREST RATE ON THIS LOAN ADJUST AT ANY POINT? IS THERE ANY TYPE OF BALLOON PAYMENT AT THIS LOAN? 

5. IS THERE ANY TYPE OF PRE-PAYMENT PENALTY FOR THIS LOAN AT TIME OF PAYOFF OR REFINANCE?

6. HOW MUCH LENDER CREDIT CAN YOU OFFER TO HELP COVER MY CLOSING COSTS IN THE EVENT THE SELLER WILL NOT COVER ALL OF THEM? 

7. ARE THERE ANY OTHER LOANS OR SPECIALTY PROGRAMS I QUALIFY FOR BESIDES THE LOAN YOU ARE CURRENTLY RECOMMENDING TO ME? 

MAKE SURE YOU SHOP AT LEAST 3 LENDERS TO COMPARE THEIR FEES, AND TO GET THE LOWEST RATE. REMEMBER, BUYING A HOME MAYBE YOUR BIGGEST INVESTMENT, YOU'LL NEVER KNOW WHAT A 0.25% DIFFERENCE WILL MAKE ON YOUR MONTHLY BUDGET!!

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Florida Rodriguez

We just purchased our first home today and I cannot thank Florida enough for all her help. She is very professional and very thorough in assisting us since day 1. She always make herself available and....

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