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12 Questions to Ask First Before You Hire a Home Loan Lender

Selecting a mortgage lender that you trust and can meet your wants and needs is essential in purchasing a home. You’ll want to do plenty of research into different lenders and ask the following questions.


1. What Documents Will I Need?

Most good mortgage lenders will tell you the required documents before you even ask, as this is a crucial part of registering for a mortgage.


2. Which Loans Are Best For Me?

When asking this question, you’ll want to let the lender in on your ideas so that they can give you an idea of what choices you have and how they would benefit you.


3. What Down Payment Is Required?

Most lenders desire a 20% down payment; however, while optimal, this isn’t automatically necessary if you can’t afford it.


4. What Special Financing Programs Can I Access?

There are often special mortgage programs that are available for homebuyers that can improve their positions. There’s a chance that a few of them will apply.


5. What Fees Do You Charge?

You’ll want to ask your lender about any fees, such as origination and other lender fees, and which are potentially negotiate.


6. Can I Be Pre-Approved for a Loan?

A pre-approval letter is the best way to be a desirable bidder compared to the competition.


7. How Do I Keep My Pre-Approval?

Some actions can potentially result in the mortgage lender denying you regardless of pre-approval, such as making significant life changes like quitting your job or making major purchases.


8. What Are My Chances of Getting the Loan?

If you’d like to know how likely you are to get the loan that you’re looking to get, a loan officer is the one to ask.


9. What Will My Mortgage Payment Be?

Of course, when applying for a mortgage, you’ll want to know how much you’ll have to pay a home loan lender each month.


10. Do You Offer Mortgage Rate Locks?

A mortgage rate lock is an agreement that guarantees your interest rate will remain the same until closing, allowing for stability and predictability.


11. What Are My Closing Costs?

Certain costs are standard or dependent on your income or state of residence. However, lenders also have their fees.


12. Do You Have Any References?

Before working with a home loan lender, you want to ensure that past customers have had positive experiences. Ask your lender for any reviews from past clients.


Consult Our Experts

Are you looking for a home loan lender? Look no further. Mortgage Solutions Financial is ready to help with all of your home financing needs. Call our office today to get started.