When it’s time to obtain a mortgage, it’s just as important to find the right lender as it is to find the right rate. The lender you choose could be with you for the life of the loan whether it’s a 30-year, 15-year or ARM, so you want to make sure you have the right fit. Don’t just trust your mortgage with any lender. Make sure the lender you choose will provide the service and assistance you need and deserve. Here are some questions to ask to help you sort through the various lenders and find one that works for you.
- What loan is best for my needs? The right lender will take the time to get to know you and your situation before telling you which loan you should consider. Make sure they ask you the right questions about your goals and finances and can walk you through the various loan options and explain why or why not they are the right choice for you.
- Can you estimate my loan? Lenders are required to provide an estimate of all the costs when your application has been processed. That includes the loan amount, PMI and an estimate of taxes and insurance.
- Can I lock in my rate? Rates are on the move and that means you’ll want to secure a good rate when you can. Asked a potential lender if there’s a fee to lock in a rate, how long you can lock in the rate for, and if they can provide a lock in writing. Generally, rate locks are around 30 days, so make sure that is enough time for you to settle your mortgage.
- How long is your processing time? Part of the timing depends on making sure you provide the lender with the information they need, but a lender should give you a range of how much time processing can take. Find out what could hold up the process and when the loan can be funded. To get a better idea of the process and timing, check out our application checklist and home buying process.
- What are the fees? A mortgage lender should provide you with a list of all the fees you need to pay including the ones outlined in closing as well as any points you may need to pay. Also, ask if they charge a penalty fee if you pay off your mortgage early.
When looking for a mortgage lender, consider Freedom Mortgage. We’re ready to help you with all your purchase and refinance needs. Our loan advisors will be with you from start to finish and throughout the life of your loan. Contact us today.