Top 8 Things To Ask Your Lender During The Application Process
The mortgage approval process is a very complicated one. But asking the right questions and getting satisfactory answers is important. Failing to do so in the course of the mortgage pre-qualification stage can end up hurting or frustrating you, because all your expectations were not met. Here is a list of 8 priority questions you should ask your lender during the application process:
What are the documents I will have to keep ready to ensure that I get full mortgage approval?
An experienced mortgage professional can identify all the different challenges that a buyer may face, just by asking all the right questions in the course of the interview and initial application process. Some of the things that your mortgage professional will need to know are:
Down payment seasoning
Employment & Income verification
The questions you should be asking are:
How long will the entire process take?
A number of factors have to be taken into consideration in the overall time-line and this is exactly why communication is important. As long as all the questions are addressed in time and the documents are in order, your loan officer will be able to provide you with a time estimate for processing and closure of your mortgage.
Does the payment include taxes and insurance?
Getting the answer to this one will help you understand the impact to the total monthly payment as well as the total amount you have to bring to the mortgage closing.
Are there any chances of my payment increasing post closure?
In the current economic landscape, most homeowners opt for the fixed-rate loans and their loan payment stays the same over the life of that loan. However, if taxes & insurance have been included in the payment, then any changes to these will also increase the home loan payments.
In addition to these questions, you should also ask your loan officer:
How to lock-in your interest rate
The duration for which the rate will be locked
How your credit score impacts your interest rate
The amount you will need for closing
Expert and Professional Assitance
Once you get the answers to these 8 basic questions, you will feel a little more confident about finding a lender who will be cater to your specific requirements. The more clarity you have about this entire process, the smoother the approval process will be. We can provide you with complete guidance and assistance with the mortgage loan application process- contact ResMac Home Loans today.