#6 Questions You Must Ask your Mortgage Lenders!
Are you thinking of taking a home loan? If yes, then you must know what questions you should ask the mortgage lenders so that you can get the best deal. It does not matter at all whether you are taking a home loan for the first time or getting a refinance. The only thing that matters and should be your primary concern that is to ask the lender the most appropriate questions in order to grab the best deal. You might be now thinking what all questions you should ask. We will be sharing those questions with you so that you can next time go to the lenders with full preparation. Let’s start!
Question #1 Do the Lender offer Rate Lock?
This should be your very first question to your lender whether they offer rate lock or not. Basically, Rate Lock is the lender locks the interest rate they offered you are initially given or qualify for at the beginning when you inquired for the home loan.
As you know mortgage is a bit lengthy process, it’s pretty obvious that till the time you will get the home loan, there will many changes happen in the market. Hence, there is a possibility that initially you may be offered a low-interest rate and later you may get the loan at a very high-interest rate.
In such a scenario, if you get the rate lock service, then you can get the home loan at the primary interest rate that you were offered. In case, you don’t want to get involved in such matters, then you can hire a mortgage specialist who will do everything for you.
Question #2 What are the Origination Fees? Additional Fee? If any.
You will barely find a lender who doesn’t charge origination fees. In fact, many lenders also charge other additional fees. If you don’t want to get a surprise while making the payment for your home loan, then you must ask the lender for all types of fees they charge to their customers including origination fees.
Question #3 Can I send Documents electronically?
As you know getting a home loan is a lengthy process and it also requires a lot of document submission. Many mortgage borrowers face this issue that they have to submit countless documents and for the same they have to spare extra time from their routine which is quite difficult. Therefore, ask your current lender if they can accept the documents electronically as it will ease your work and you can get the home loan quickly and effortlessly. Because it’s not possible to get the home loan without proper documentation and if the documentation will take time, you will have to wait for your dream home.
Question #4 How many Mortgage types they offer?
It is another important question that you must ask your lender that how many types of home loans do they provide. If you will choose a lender that provides various options then you can easily get the home loan and at a good interest rate with flexibility. On the contrary, if your lender doesn’t offer many types of home loans, then you might not get good options.
Question #5 Are you gonna Sell my Mortgage?
Basically, what many lenders do is that sell the mortgage to a third party after originating the loan. You will be surprised that how often it happens when the lenders sell out the loan.
Question #6 Can I buy Mortgage Points?
It is one of the best practices that can help you save a lot of money on interest rates throughout the entire life of a mortgage by purchasing the mortgage points. However, it is not something that many home loan buyers do. If you also want to save your hard-earned money, then you must ask whether your lender offers this facility or not.
The Final Thought
Now, you are fully ready to meet the mortgage lenders and ask them the most appropriate questions that will help you in your mortgage journey. In case, you are wondering to get in touch with a good company that provides home loans at the best interest rates in the area, then look no further than PierPoint Mortgage.
