It can get very challenging understanding all the technicalities of a mortgage. You must be thorough and do your research carefully. This week, Nickel City Funding provides Orchard Park, NY customers with a list of twenty questions to ask a mortgage lender before purchasing a home.
In speaking to lenders, we have found the below questions helpful when looking to buy a home:
Question 1: What other types of mortgages have been approved on this home?
Question 2: What is the average loan amount given in this area?
Question 3: Have there been many foreclosures in the area? If so, for what reason?
Question 4: What is your process for pre-approving and pre-qualifying people for a mortgage?
Question 5: What does the average approval time and closing period look like for your process?
Question 6: How do you keep in touch and manage relationships with your borrowers after the loan closes? Do you try and keep me in touch with the same team? Are there online notifications and systems?
Question 7: What is the minimum down payment and credit score that you require?
Question 8: Do you participate with any down payment or purchasing assistance programs?
Question 9: How easy is it for the average borrower to refinance a mortgage?
Question 10: What are the fees involved with processing loan applications and closing the mortgage?
Question 11: Which do you offer more: fixed-rate or adjustable-rate mortgages?
Question 12: What types of loans do you offer, do you specialize in any particular programs?
Question 13: How large of a mortgage can someone like me afford?
Question 14: What’s included in my monthly mortgage payment, do you require private mortgage insurance?
Question 15: What interest rate does a person like me typically get approved for?
Question 16: Can I obtain free quotes and estimates for my loan?
Question 17: How long will the rate I get be good for? Can you lock me in to a rate while I seek approval from a seller?
Question 18: Are there additional fees involved with servicing my loan?
Question 19: Will you sell my loan? To whom do you typically sell loans for?
Question 20: What if the appraisal on my home comes in lower than expected?
This is just an example of the types of questions to ask a mortgage lender about funding a home, we welcome you to reach out for additional information. Nickel City Funding helps Orchard Park, NY homebuyers fund their ideal home, and understand mortgage options. Contact our experienced staff today!