Table of Contents
Buying Your First Home? 10 Questions to Ask a Mortgage Lender How much house can I afford? What is the best type of home loan for me? How much of a down payment do I need? What’s my interest rate? What are discount points and origination fees? Why do I need to pay for a home inspection?.
What should you not tell a mortgage lender?
10 things NOT to say to your mortgage lender 1) Anything Untruthful. 2) What’s the most I can borrow? 3) I forgot to pay that bill again. 4) Check out my new credit cards! 5) Which credit card ISN’T maxed out? 6) Changing jobs annually is my specialty. 7) This salary job isn’t for me, I’m going to commission-based.
What are good questions to ask a lender?
14 Mortgage Questions to Ask Your Lender — and the Answers You Want Which type of mortgage is best for me? How much down payment will I need? Do I qualify for any down payment assistance programs? What is my interest rate? What is the annual percentage rate? Are you doing a hard credit check on me today?.
What do I need to know before talking to a mortgage lender?
Five Things You Need Before You Talk to a Mortgage Lender State Identification and Social Security number. Verification of income. Verification of employment. Copies of asset statements. Strong credit score.
What questions should a Realtor ask a lender?
Ask these 10 questions below to get a sense of who’s right for you. What types of home loans do you offer? What type of mortgage is best for me? What are your closing costs? How much time do you need to complete a mortgage? Do you do underwriting in-house? What documents do I need?.
Do I have to prove where my deposit came from?
The proof you will be required to supply of the source of your mortgage deposit will depend entirely on where the funds came from. For example, where personal savings are being used, most lenders will ask you to provide 6+ months of bank account statements which demonstrate the funds gradually building up over time.
How do mortgage brokers rip you off?
In some cases, lenders accept your application and then charge you fees even if you cannot qualify for the mortgage. This is a way lenders rip off unsuspecting borrowers. Not only is your mortgage application declined but you may also lose hundreds of dollars in unnecessary fees.
What’s the difference between being prequalified and preapproved?
Prequalification tends to refer to less rigorous assessments, while a preapproval can require you share more personal and financial information with a creditor. As a result, an offer based on a prequalification may be less accurate or certain than an offer based on a preapproval.
What items are needed for mortgage pre approval?
10 Documents Needed For Mortgage Preapproval Personal Identification. Social Security Card. Pay Stubs. Bank Statements. Tax Documents. Investment Account Statements. List Of Monthly Debts. Rental Information And Landlord Reference.
What do mortgage brokers say?
Questions to ask your mortgage lender How much can I borrow? What documents will you need? What types of mortgage do you offer? What interest rate choices do I have? What arrangement fees do I have to pay? What valuation options are available? What are the early repayment charges? Can I overpay?.
What questions do loan officers ask?
Mortgage Loan Questions You Should Be Prepared to Answer What do you value as you look for a mortgage? How long do you plan to stay in your house once you purchase? How much do you have saved for a down payment? What is your basic monthly income? What are your regular monthly expenses?.
Is talking to a lender free?
We can help you find your score and make a personalized lender recommendation (it’s 100% free and won’t hurt your score). Different lenders have different credit score requirements. We can help you find your score and make a personalized lender recommendation (it’s 100% free and won’t hurt your score).
Who should I talk to about buying a house?
Talk with a mortgage broker or loan officer A loan officer typically works on commission or salary provided by their institution. “[They] will ask you about your savings, your income and other relevant questions, and run a credit report.
What do Realtors look for in a lender?
You want an LO that shares your commitment to providing excellent service — an LO that listens carefully to your client’s needs and can find the best loan program, interest rate, and terms to meet those needs.
Why do Realtors recommend lenders?
Real estate agents refer mortgage lenders because they trust the company to successfully close the transaction and complete the approval process. Depending upon the market area, it can take several weeks or months of showing houses to prospective buyers before any agent makes any money at all.
Can listing agent talk to lender?
It is not uncommon for a listing agent to call the lender to get more information from the lender about the buyer. Kilstrom stated, “The lender has a fiduciary responsibility to protect the buyer’s financial information. Some agents try to pry for even more information. I always tell them I cannot say more.
What do underwriters consider a large deposit?
There’s no simple formula to determine how much money a lender will consider a large deposit. Loan underwriters look at your overall financial situation. A good rule of thumb is to consider any deposit that is more than 25% of your usual monthly income a “large deposit.”Nov 8, 2019.
How do you prove money is a gift?
How do I prove I received the gift money? A copy of the gift giver’s check or withdrawal slip and the homebuyer’s deposit slip. A copy of the gift giver’s check to the closing agent. A settlement statement showing receipt of the donor’s monetary gift. Copy of certified check. Proof of wire transfer.
How long does a down payment have to be in your account?
Down payment seasoning That means that the down payment funds must have existed in the borrower’s bank account for a specific amount of time, usually at least 60 days.
