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12 Questions To Help Select Your Mortgage Lender
Homebuyers often spend hours poring over online listings and visiting numerous properties before choosing a new home. But, few people spend time dreaming about their mortgage, interest rates and the LIBOR index.
That’s why it’s important to choose a lender who is knowledgeable about these things and will provide you with all the information you need.
Use our 12 questions to ask your potential mortgage provider before signing on the dotted line. While some of the questions may seem obvious, others provide next-level insights.
So, whether you’re a veteran who has already used their VA loan benefits or are a first-time homebuyer who needs to understand temporary buydowns, these questions will potential help find the right loan and the right lender for you.
Do you offer temporary buydowns? Can you explain how a buydown works?
Can you calculate which buydown, a 2-1-0 or 1 ½ -½ -0 would work better for me in terms of percentage of loan amount?
If I pay the loan off early does the subsidy get credited to my payoff? Is there a difference between seller paid and lender paid?
Can you explain to me how an adjustable rate mortgage works? How will the interest rate will be calculated in each of the first three rate changes with an ARM loan?
With an ARM loan, how does the index and margin work together to determine my rate, and how are the caps applied?
How is my LIBOR index determined, and what does it mean?
For veterans, if I have previously used my VA loan benefits and want to use them again will the charge for the VA funding fee be the same?
For veterans, is the guarantee amount on the back of my Certificate of Eligibility how much I can borrow, and will I need to provide my DD-214?
What is your interest rate today? This can only be answered if the lender knows your FICO, down payment, debt-to-income ratios, etc…
Can my builder or lender pay my mortgage insurance premium?
Do you provide a fully digital application process that will allow me to apply, track my progress during the loan and sign all disclosures then submit my loan exhibits in a fully encrypted portal?
What are your firm’s customer service scores year-to-date?
Choosing your mortgage provider is as important as finding the right home and neighborhood.
Contact a Results Morggage professional
who will take the time to answer your questions and help you feel comfortable.
- Feb 06, 2019
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