Getting Ready to Meet with a Lender; What Questions Should You Ask?

Reblogger Lora "Leah" Stern 914-772-4528
Real Estate Agent with Coldwell Banker, 170 N Main Street, New City NY 10956
https://activerain.com/droplet/NxW

Here's a great list from Susan Grant of some essential questions to ask when you meet with a lender.

Original content by Susan Bolster-Grant

10 Questions to Ask Your Lender

1. What are the most popular mortgages you offer? Why are they so popular?

2. Which type of mortgage plan do you think would be best for me? Why?

3. Are your rates, terms, fees, and closing costs negotiable?

4. Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required? (NOTE: Private mortgage insurance is usually required if your down payment is less than 20 percent. However, most lenders will let you discontinue PMI when you’ve acquired a certain amount of equity by paying down the loan.)

5. Who will service the loan — your bank or another company?

6. What escrow requirements do you have?

7. How long will this loan be in a lock-in period (in other words, the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if it drops during this period?

8. How long will the loan approval process take?

9. How long will it take to close the loan?

10. Are there any charges or penalties for prepaying the loan? Used with permission from Real Estate Checklists & Systems, www.realestatechecklists.com.

Be sure you work with a REALTOR® and lender who can discuss different options and address your questions and concerns!

To search for Santa Cruz properties please click here, www.SusanGrant.biz, or contact Susan Grant directly at (831) 247-9140.

Susan Grant, David Lyng Real Estate, Santa Cruz CA DRE#01331769

Learn about the NATIONAL ASSOCIATION OF REALTORS® Housing Opportunity Program at www.REALTOR.org/housingopportunity.

For more information on predatory mortgage lending practices, visit the Center for Responsible Lending at www.responsiblelending.org. Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.

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Topic:
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Buyer Information - What Buyers Need to Know in Today's Market
Advice for Buyers
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Rainmaker
228,991
Coldwell Banker Camelot Realty
Coldwell Banker Camelot Realty - Mount Dora, FL
Homes for Sale Mount Dora Realtor

This is very timely.

After two appraisals on two separate homes and 90 days B of A decides the buyer debt ratio is too high.

Is anyone surprised?

Jul 18, 2010 04:41 AM #1
Rainmaker
503,046
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Ray and Karen - WIth the right info up front, this could have been avoided.

Jul 18, 2010 04:43 AM #2
Rainer
94,815
Billi Evans
Murney Associates - Springfield, MO

Thanks for the list.

Jul 18, 2010 05:00 AM #3
Rainmaker
503,046
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Billi - Your very welcome.  Thanks goes to Susan, who put it together.

Jul 18, 2010 05:07 AM #4
Rainmaker
504,688
Teral McDowell
Referral Patners LLC - Murphy, TX

A great list of questions to present to buyers when looking for a mortgage. Many of them already come with a lender in hand or at least, in mind :)

Feb 13, 2013 12:42 AM #5
Rainmaker
503,046
Lora "Leah" Stern 914-772-4528
Coldwell Banker, 170 N Main Street, New City NY 10956 - New City, NY
Real Estate Salesperson

Teral, even if they come with a lender in hand, its still a great review of things they should ask and need to ask.

Feb 18, 2013 12:42 PM #6
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Rainmaker
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Lora "Leah" Stern 914-772-4528

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