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.
||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?
||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?
||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?