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What to ask to your mortgage lender?

Mortgage application process is not know for being simple, especially if you are doing it for the first time. Even with DMC’s pre-approval and easy-to-fill-out online application it can get overwhelming at times. To make the process as simple as possible, we have prepared a list of questions you should find answers to.

 

uxpin-icon-set_credit-card Ask your lender the following:

  • Are you officially approved and licensed?
  • What types of loans do you originate?
  • What are the loan approval process/ request fees?
  • Are you going to keep this loan or sell it?
  • What is the security for personal information?
  • Is there third party who receive information about me?
  • How can I reach someone after hours?
uxpin-icon-set_graph This is what you should find out about  loan rates:

  • What are interes rates for your deal and how did you come down to this?
  • Is the best rate you can give me?
  • What is the maximum ARM (adjustable rate mortgage) for me?
  • What are rate changes during loan’s life?
  • Can you make clear what are annual percentage rate (APR)? What is it for this loan?
uxpin-icon-set_wallet Don’t forget about loan costs:

  • Will fee sheets or estimate of fund be provided?
  • What are my monthly payments?
  • Can you introuce me with prepayment penalties on this loan if any?
  • How long will the closing of this loan take?
2017-09-13T20:23:05+00:00