Questions You Should Ask Your Lender

Questions you should ask your Lender before you proceed with a mortgage loan.

How are rates determined? How often do rates change? What causes those changes?   These are all very important questions that you should know the answers to before you begin the mortgage process.  Please click the link below to learn more.

General Mortgage Market Questions:

  • How do Lenders determine what the mortgage rates will be?
  • 5 most influential factors that impact mortgage rates
  • Closing Cost questions:
  • What is the rate difference for a 1 point buydown vs. a no cost option loan?  Also, have them explain break even on costs. Ask what the breakeven point is in your case to recoup the investment of that buy down in points and does that make good financial sense considering your long/short term objectives with the property?

Loan Program Questions: 

  • What are the rate/program differences between an ARM and Fixed loans and why would one benefit me over the other given our long and short-term objectives with the home?

Rate Lock Questions:

  • Ask your mortgage professional to explain in detail the following lock options.
  • Lock
  • Float
  • Extensions
  • Float Down
  • Lock cancelation
  • Delivery period
  •  Loan Process:
  • What is the average time for processing a mortgage loan?  What are some of the possible challenges that could come about throughout the process?
  • What if our appraised value does not come in as high as expected?

Our highly qualified agents are standing by to answer all of your mortgage and real estate related questions.  Please contact us today for more information.

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