Keep in mind the mortgage loan officer needs to get ALL the facts before giving you a good faith estimate. With all the recent changes in the mortgage industry taking place I would also want to make sure I was asking the right questions. Ask for points to be quoted to you as a dollar amount--rather than just as the number of points--so that you will actually know how much you will have to pay. Ask for an explanation of any fee you do not understand. Don't be afraid to ask the following tough questions:
- How many lenders do they work with? (different lenders have different programs to offer you based on credit, income and down payment. The more lenders the wider the range of options available to you).
- How do they differ? (again... find out about the program that may suit your mortgage needs)
- How do you make money off my loan?
- Who pays you? (Whether you are dealing with a lender or a broker may not always be clear).
- Will you provide me with a loan commitment letter, or other proof in writing,
when you lock my interest rate? (Always make sure you obtain these very important documents) - Can you explain my closing costs and fees, on an itemized basis?
- Will you tell me if you're earning a markup on any of them?
- Do you handle transfer taxes and insurance out of escrow, rather than
me paying cash up front? (Do yourself a big favor and find out right then and there). - Can I have the names of some past clients?
We have an in house mortgage company here at Prudential Network of Homes and it's called - "Best Mortgage Solutions" - with seasoned professionals that answer all these tough questions for you (even if you don't ask them). They can provide you with the documents necessary to purchase or refinance your home in less than 24 Hours (unlike some other lending institutions).
Drop me an email and I'll put you in touch with the Senior Officer of this Mortgage Company.
Call me at 646-294-2561 or email:
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