Before you buy a home, you’ll need a good mortgage lender. It’s a good idea to talk to at least three different mortgage lenders before making a final decision.
Start by asking friends and family for a recommendation or work with a local favorite, like HomeServices Lending. When you’ve found a few good companies to talk to, ask these 17 questions to help you decide if their service is right for you.
- What rate are you currently offering?
- Can I lock in this rate while I wait for my loan to close? (If so, how much will that cost me?)
- How long will the approval process take?
- How much will my monthly payment be (including insurance, taxes, escrow)?
- Will the monthly payment change later during the course of my loan? If so, when?
- Which type of loan do you recommend for me (15-year fixed, 30-year fixed, ARM, etc.)?
- Are there any special programs I can take advantage of (such as for military personnel or first-time home-buyers)?
- What information do I need to provide to you to get approved for the loan?
- What fees do I need to pay to close the loan (for example, for home appraisal)? How much will these fees cost?
- Will I have to pay any points? If so, what is the cost?
- How (and where) do you do the final paperwork (online, by mail, in an office)?
- Do you accept e-signatures for documents (signature over email or internet)?
- Where will the title be signed?
- Will your company manage my loan after it closes? Or, will you sell it to someone else?
- Will I be penalized if I make early principal payments (or pay off the loan early)?
- Are you licensed in my state?
- Will your company sell my personal information?
Want a totally personalized loan experience? YourReeceNichols agent can put you in touch with one of the professionals at HomeServices Lending today. Or contact HomeServices Lending directly.