Finding the right lender and mortgage product could save you thousands upon thousands of dollars on your Matthews house for sale. When making what is likely the largest purchase of your life, you want to do it right. Read this article to learn about important questions to ask your mortgage lender so that you get the best deal on your dream home!
Which Mortgage is Best For Me?
Obviously, the primary question is which product is best for you and your particular situation. When interviewing lenders, pay close attention to the answers.
Are they simply a salesperson pushing a product on you? Or are they a quality advisor who is detailing the pros and cons of each mortgage product and applying it to your particular situation? If they aren’t the latter, keep searching for the right lender to purchase your house for sale in University City!
Do I Qualify for any Down Payment Assistance?
If you inquire about down payment assistance programs, and the lender shrugs you off or just gives you a vague response, search elsewhere. You want a lender who is very knowledgeable in local, state and national down payment assistance programs. You also want someone who is more than willing to help you navigate the process!
Do You Have an Origination Fee?
Asking about additional fees such as an origination fee is essential. An origination fee means additional profit for the lender in addition to what is included in the interest rate on your house for sale in Weddington. You also want to ask if they have any “lender fees.” Again, these are more additional costs. If you can’t get a clear and detailed answer from a potential lender, run the other way!
This is only a sampling of the questions you should ask a potential lender. Some others include: What is my interest rate? What is the annual percentage rate? Do you charge an interest rate lock? How long until my loan closes? And more!
What other important questions can you think of to ask a mortgage lender? Please share!