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These are 10 Questions to Ask Your Lender

By
Real Estate Agent with Counselor Realty of Rochester

 

Be sure you find a loan that fits your needs with these comprehensive questions.

1. What are the most popular mortgage loans you offer?

2. Which type of mortgage plan do you think would be best for us? 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 usually is required if you make less than a 20 percent downpayment, but most lenders will let you discontinue the policy 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 is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop 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?

If you would like to know more about the Home buying process call Dan Kingsley at 507-990-1721

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The Real Estate RangerThese are 10 Questions to Ask Your Lender

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Randy Ostrander
Lake and Lodge Realty LLC - Big Rapids, MI
Real Estate Broker, Serving Big Rapids and West Central MI

I may copy this and give it to my clients to use. Great list of things to find out BEFORE you commit. Nice job Dan.

Feb 16, 2011 01:26 AM
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

These are all very important questions to ask.  Thanks for posting

Feb 16, 2011 01:27 AM
Brian West
imortgage - Gilbert, AZ
Arizona Lender

Dan, nice information for potential buyers! I think more important will be the ability to not just answer the questions, but explain what the answer means. Many buyers won't know if the answer they receive is the 'right' answer to some of the above questions, like which mortgage will suit their needs or if it's good, bad or otherwise if a different bank service their loan.

#3 caused some heated debate from another post, got all kinds of LO's riled up wanting to know why LO's are always targeted for negotiating their fees and not the agents. I'm not going there with this response, but if you offer this question to your clients, it's only fair to prepare your lender of choice that you are creating the expectation they will need to be flexible with their paycheck

 

Feb 16, 2011 01:39 AM
Derrick Guevremont
Counselor Realty of Rochester - Rochester, MN
Rochester MN Homes for Sale

#11.  Are you (the lender) going to wait until the last couple of days before closing before you work on my file or will you use the previous 6 weeks like you should?

Feb 16, 2011 01:45 PM
Dan Kingsley
Counselor Realty of Rochester - Zumbrota, MN
ePRO, CDPE-RANGER - Rochester MN

Thanks for the great comments guys and good chuckle(Derrick).

Randy I am glad I could help you out!

Blessings

Feb 17, 2011 01:53 AM
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