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The Questions You Should Ask Your Mortgage Lender in Order to Receive the Best Mortgage Financing for Your Needs

By
Mortgage and Lending with NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 IL Lic 031.0006220/WI

 

The Questions You Should Ask Your Mortgage Lender in Order to Receive the Best Mortgage Financing for Your Needs



     In earlier posts, I have addressed some major issues surrounding mortgages, mortgage processing, and mortgage closings.   

Link to FREE Consultation with Gene Mundt, Mortgage Lender

     In my post,  "WHY Home Buying Transactions Must Begin With Home Buyers Getting Pre-Qualified!",  I spoke of the great importance of being  pre-qualified  for your mortgage financing prior to viewing homes.   In   "Your Preparation and Planning for Buying a Home Needs to Start Well in Advance of Your Viewing of Homes",  I addressed the time-frame you should follow as you begin the home buying and mortgage process.  

     I've even provided helpful information as to  HOW to find your Mortgage LenderBut once you have found and decided upon your Mortgage Lender, what then?  What questions regarding mortgages and mortgage processing should you ask?  What needs regarding your financing should you see to fulfilling?

     Below you will find a list of questions, I think are important to ask regarding your Mortgage and financing itself.  Receive the answers to the following questions and you'll be fairly certain that you're receiving the best Mortgage option and service possible for your financial scenario and needs:

     1.  How long is the  Mortgage process?
          (If there are no problems or issues that arise, most mortgages are processed within a 30 to 45 day time period) 
     2.  What  Mortgage program  is best for me?
     3.  What costs will be involved in my financing?
           (Your Mortgage Lender should provide you with an estimate of your Closings Costs, called a  Good Faith Estimate.  Example provided)
     4.  What Interest Rates are available to me?
     5.  Is "paying down" (utilizing Discount Points) the Interest Rate an option ... and is it wise for me to do?
     6.  When will you  "Lock In"  my Interest Rate?
     7.  What is the  Annual Percentage Rate  of my loan?
     8.  Is it possible for me to improve my credit quickly so I can receive a better Interest Rate?
     9.  What Mortgage term suits my financial situation best?
   10.  What is the minimum/maximum  Down Payment  I will be asked to make?
   11.  Will my loan be "sold" after my Closing?

Link to FREE Consultation with Gene Mundt, Mortgage Lender

  12.   What are the Down Payment requirements for:   
           A.  FHA?
           B.  Conventional Loans?
           C.  VA Loans?
   13.  Is  Mortgage Insurance  necessary on all loans with less than 20% down?    
   14.  Does the cost of Mortgage Insurance vary with the percentage of Down Payment?
   15.  Can I finance Closing Costs?
   16.  Can someone  help me finance with a monetary gift?
   17.  When and How am I able to pay my taxes?
   18.  Is an  Escrow Account  mandatory? 

     The Questions You Should Ask Your Mortgage Lender in Order to Receive the Best Mortgage Financing for Your Needs.  Yes, there are many questions to ask during your initial conversations with your Mortgage Lender.  But making the effort and taking the time to ask them is very important.  It's also the only way that you will come to completely understand the mortgage options you have to choose from ... and receive the peace of mind of knowing that you have chosen the best mortgage program for yourself and your financial future. 


Contact Gene Mundt, Mortgage Lender

     *  Have mortgage questions that need answers?   Contact me  today!  Let's talk and give you the opportunity to get the information and answers you need before starting the mortgage process.  We'll work together and give you the peace of mind that comes with being fully-educated regarding home buying and mortgage financing.
     I can be conveniently found at:

Direct:   815.524.2280
Cell/Text:   708.921.6331
eFax:   815.524.2281      Skype:   630.219.1316
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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

Comments (12)

Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Wonderul post Gene.  I think I'm going to bookmark this, and when I meet with potential clients, bring it up and discuss. This is great!

Feb 21, 2013 06:19 AM
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Gene, So many don't know where to start or what questions to answer and you have made it so easy for them to understand the process. I posted this on my Facebook.

Feb 21, 2013 06:21 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Carla:  Thank you!  I'm honored ... and I hope it proves helpful to all your clients.  Shout out if I can help clarify or explain anything or help provide anything else ...

Debbie:  Thanks so much ... I'll make sure I find the post on FB!  Sometimes I think I overlook the basics and this was my answer to that concern.  Hope it proves beneficial to all your clients and readers ...

Gene

Feb 21, 2013 06:34 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

Gene - That's a winning list every buyer should have access to when they are shopping for a mortgage.

Feb 21, 2013 07:34 AM
Lottie Kendall
Compass - San Francisco, CA
Helping make your real estate dreams a reality

Wonderful list of questions to ask about the mortgage process, Gene. Suggested and Liked.

Feb 21, 2013 07:56 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Hi Gene,

Excellent post..love the list of questions..Suggested!!!

Feb 21, 2013 08:27 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

You and I both know, the majority of consumers would never ask most of these question, all of which are necessry and should be understood before an application is started.

Great post!

Feb 21, 2013 09:09 AM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale
That's quite a list of questions. After that conversation, there would be no stone unturned.
Feb 21, 2013 12:57 PM
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

These are all great questions to share with our clients and I believe I will aslo bookmark this.

Feb 21, 2013 01:25 PM
Frank Laisch
Orlando, FL
"The Insurance Guy"

Gene, this is a very good list of questions. your average consumer doesn't know most of this, its important for them to grasp some of this for their mortgage  

Feb 21, 2013 09:01 PM
Glenn Freezman
Family Abstract, Inc. - Horsham, PA

Gene, excellent list of questions, BUT, is it analogous to me learning how to ask 20 questions in Spanish so well that when the guy from Cancun they answers me in Spanish I'm lost?  I guess that's why your so important, your knowledge can't be replaced, and hopefully you speak "Mortgages for Dummies".

Have a great weekend, my friend.

Feb 22, 2013 12:51 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Thanks, Norma!  Glad you found it beneficial.  Hope it helps my readers and your clients ...

Appreciate your thumbs-up, Lottie!  And the suggestion ...

Thanks so much, Dorie!  Hope the questions prove helpful to your clients ...

They should ... and that is what I'm aiming for, Joe.  Perhaps if the questions are in a handy downloadable list, it will help ...

Exactly what we aim for, Tammie ... that way there are no regrets or "I should haves" ...

Mona:  Glad to hear you are bookmarking ... that's an honor!

Frank:  True ... these issues are important and need to be covered.  Takes time ... but worth it ...

Glenn:  I want them to still need my services ... definitely true.  But I would hope they would make the connection between the details of the list and my willingness to be asked them favorably.  I like the name of the book ... you writing now too???

Gene

Feb 22, 2013 02:53 AM