DO YOU KNOW THE RIGHT QUESTIONS TO ASK A LENDER OR MORTGAGE BROKER?
Before you start looking at homes, it’s wise to get your selection of a lender squared away first. Part of being prepared to get a loan is asking your mortgage company the right questions.
When you first start looking for a lender to help you buy a home, it is normal to feel like it’s a one-way street—you need the money, so anyone who will offer it to you seems like someone you should do your best to listen to.
When you’re buying your first house, many things can seem foreign to you.
But in reality, you are an essential customer for your lender. Your business is critical to the company. It’s how they make their money and how they stay in business. So it is worth stepping back for a moment to orient yourself correctly.
As with any business deal, you need to look out for your best interests and act with confidence. Understanding how to pick a lender is a critical element in shopping for a home.
The terms and conditions you get on your mortgage will be crucial in your financial picture for years to come.
It makes sense to do your best to vet not only the actual mortgage company but the interest rate and other loan terms.
The following questions are ones you should be able to ask any lender or mortgage broker.
They are questions you need to ask because you deserve to work with a lender that treats you with respect and has something to offer beyond just a loan.
They may be questioning you—but you are also interviewing them. Need to get in touch with a lender, we can help!
