Before you start home shopping, you’ll want to interview a (real estate agent, real estate attorney and a mortgage lender). After all, buying a home is one of the largest, financial investments that you will make in your life. To that end, seek as much information as possible as information is very empowering. This empowerment will help you make the right decisions moving forward in your home transaction.
Once you have interviewed and hired your real estate agent and real estate attorney, the next important step is to interview your lender. Many buyers are very skirmish when it comes to seeking a lender, in light of the current mortgage crisis. However, the American dream is still alive and well and with honest and appropriate guidance (upfront); your home experience will be positive.
I have outlined eight questions that every home buyer should ask a mortgage lender. Most buyers already understand the importance of asking what the mortgage rate is. However, there’s more to the mortgage process than rates.
1. How long have you been working in the mortgage business and are you licensed?
2. What are the loan fees (upfront and at closing)?
3. When will I get the GOOD FAITH ESTIMATE of the costs of the loan?
4. Are there loans available with no origination fees, and closing costs?
5. What are your interest rates?
6. How long will it take to get complete loan approval?
7. How can I avoid private mortgage insurance?
8. Can you give me names and phone numbers of three people for whom you have funded loans in the last two months?
If you do not like the answers you receive, continue the interview process until you find a lender you are comfortable with. If the answers meet your satisfaction, congratulations, you're one step closer to the American dream...
*How to recognize predatory lending:
http://homebuying.about.com/od/findingalender/qt/Shadylenders.htm
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