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The Best Questions to Ask a Lender

The Best Questions to Ask a Lender Before Purchasing a Home:


Buying a home can make you go crazy with all the difficult choices you face, remembering your budget and of course the endless amounts of paperwork you need to fill out and submit! Fortunately, with the right people guiding you through the process, you can remain calm throughout your journey as a homebuyer.  The expertise and guidance of a professional real estate agent is key to a smooth and successful home buying process! In addition to choosing the right agent, one of the most important steps of the home buying process is choosing a lender.   This part can be very stressful, but it doesn’t have to be if you know the best questions to ask a lender before applying for a home loan!

Here are the best questions to you ask a lender before buying a home:

 When Interviewing the Lender….

  1. What programs do you offer to first time home buyers?
  2. What is your track record?
  3. Do you sell my information?
  4. How do you keep my personal information secure?
  5. How long will it take for you to process my mortgage?
  6. Do you guarantee on time closings?
  7. How will you communicate with us throughout the process?
  8. Can you explain your fees?
  9. Are you a VA Automatic or FHA direct endorsement lender?
  10. Will you sell my loan?

When Discussing the Loan….

  1. What mortgage loans and fixed-rate options are available?
  2. What documents do I need to provide?
  3. What are some other fees that I might be charged in with my loan?
  4. How much will I have to pay in closing costs?
  5. Will I need to purchase mortgage insurance?
  6. What will my monthly payment be?
  7. How long can I lock-in my financing at the current interest rate?
  8. What is the lock-in policy?
  9. Is there a pre-payment penalty for paying my loan off early?
  10. Can the term of the loan be extended?
  11. What will happen if I miss a loan payment?
  12. How long before a late charge is assessed?
  13. If I sell my home in the future, will the new home-buyer be able to assume my loan at the same interest rate I currently have?
  14. Will I have to pay any points?
  15. What is the annual percentage rate?

The Elite 757 Team at Keller Williams Elite Town Center is committed to providing excellent customer service to all of our clients.  If you are buying your first home, your 5th home or your forever home, we are here to help you every step of the way! Since we understand that securing financing before buying a home is such a key part of the home buying process, we recommend that you speak with Atlantic Bay Mortgage.  Cara Hunt Erickson at Atlantic Bay Mortgage will be able to provide you with lots of great information, give you straight answers and will promptly answer all of your of your questions and concerns.

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