A lender is one of your main points of contact during a real estate transaction, so it's essential to choose a loan officer that is a good fit for you. We recommend talking to at least THREE lenders before deciding who to commit to-- after all, you are going to hear from them a lot! Lenders also have different programs so it's of the utmost importance to see what they can offer so you can make the most informed financial decision for your largest investment.
With the help of Florida Realtor Magazine we have 15 questions to share with you that you need to ask your lender. The more educated you are the, the better choice you can make, so ask away!
1. What are the most popular mortgages you offer? Why are they so popular?
2. What fees are included in a loan and what fees will be due at closing?
3. Are your rates, terms, fees, and closing costs negotiable?
4. Do you offer discounts for inspections, homeownership classes, or setting up automatic payments?
5. Will I have to buy private mortgage insurance? If so, how much will it cost and how long will it be required?
6. What are your escrow requirements?
7. What bill pay options do you offer?
8. What would be included in my mortgage payment (homeowners insurance, property taxes, etc)?
9. Which type of mortgage plan would you recommend for my situation?
10. Who will service this loan - your bank or another company?
11. 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?
12. How long will the loan approval process take?
13. How long will it take to close the loan?
14. Are there any charges or penalties for prepaying this loan?
15. How much in total will I be paying over the life of this loan?
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