Looking for a Mortgage Lender? Here Are 19 Questions to Ask Them Before You Commit
With help from professionals, we’ve put together a list that addresses some of the most pertinent questions a buyer should ask a mortgage lender.
When it comes to house-hunting, finding your dream home is only part of the equation. Before you even start looking, you’ll also need to find a mortgage lender who will determine how much house you can afford, make sure your credit is in good standing, and see what kind of loan programs will work best for you. And while you can expect to answer plenty of questions from your mortgage lender about qualifying for a loan, as a buyer, there are also several important questions you should be asking your lender.
With help from professional real estate agents, we’ve put together a comprehensive list that addresses some of the most pertinent questions a buyer should ask their lender. From loan types to down payment amounts and how long it might take to close, here’s a breakdown of all the questions you should be asking your lender, and why these are good things to know before you buy a home.
Step one: Talk to a few buyer’s agents!
Tell us a little bit about your plans (where you’re looking to buy and when you want to make a purchase) and we’ll connect you with top-rated buyer’s agents in your area. It takes only a few minutes, and it’s free.
1. How much mortgage do I qualify for?
One of the first things you’ll want to know is just how much house you can afford, which is based on your income, credit score, debt-to-income ratio (DTI), and savings amount (including your down payment).
According to California real estate agent Mark Moskowitz, who has 33 years of experience in the industry, buyers should be talking to their lenders about how to get the most out of every dollar — which leads us to question #2…
