Mortgage Lenders questions.
Taking on a mortgage is a huge responsibility and it’s not something you should take lightly.
When you meet with lenders, it’s not only important to ask many questions, but also to ask the right questions.
They’ll help you narrow down your mortgage options and determine which one is best suited for you.
Here are 10 questions to ask your potential mortgage broker.
If you don’t like the answers your lender is giving you, don’t hesitate to keep shopping. Be sure to have all terms clarified and you feel right about the mortgage of your choice.
1. Which Type of Loan Is Best You?
This is an important question to ask your lender since the answer depends on several factors.
Things like whether it’s your first home, how long you plan to live there can make a difference. Also if you are buying your house as an investment or as a primary residence affects your loan types.
To do this, you’ll also need to share your personal information like your income, credit score, etc.
The more your home loan lender knows about you, the better assessments they can make.
There are more than a dozen different types of mortgage loans available. Here are some common ones. Ask lenders to explain the pros and cons of each and how it may or may not meet your needs.
- Fixed-Rate Loans
- Adjustable-Rate Loans
- VA Loan
- FHA Loan