There is no shortage of mortgage lenders. However, like home loans, no mortgage lender (loan officer) is the same. From training to expertise to experience, each lender brings something different to the table. However, every lender should ask the right questions to get vital information from you that will aid them in making the right decisions with you.
Questions you should expect and demand from a capable loan officer include:
While you might decide you want to live in your new home for 20 years, you may have plans that are unknown to your loan officer that will impact the loan that is right for you. For example, let’s say that you decide to rent the house in three years and keep it as an income property. Or, perhaps you have no desire to have a mortgage after 15 years even though you might choose to start with a 30-year term loan. This information gives a loan officer the insight needed to guide you towards your ideal outcome.
The answers to all the questions above will make a great difference in the type of loan term, and whether or not you want to pay points or additional fees for lower rates, or get closing cost/lender credit assistance. Home loan financing is truly case by case, so be detailed and be aware.
When interviewing potential lenders, make sure they ask you each of the above questions. If not, you should strongly consider another lender, or be prepared to give them this information whether they ask it or not.
I’m Stephanie Weeks, and I want to bring you Mortgage Peace. Following this blog will help you learn what you need to know how to avoid costly financing, pre-approval, and loan closing mistakes, and find and secure the best possible home loan. What questions can I answer for you? Call my office at 985-300-LOAN or check out my websites: www.WeeksTeam.com and www.StephanieWeeks.com.
Every year an average of 21 million people apply for mortgages in the US, and only around 7 million close. I'm on a mission is to change that by spreading mortgage education. Sign up for my newsletter to be a part of my Mortgage Peace Movement!