Most people approach act of getting a home mortgage purchase or refinance loan wrong way. They timidly approach lenders and cross their fingers that they will quality for that all-important loan. But that’s just opposite of what most people should be doing!
There are a lot of lenders out there—some great and others that can be difficult to work with. And here’s good news—they all want your business! Before agreeing to a contract with just any lender, you should make an appointment with (in person or by telephone) and ask them some important questions. Doing so could make difference in a wonderful experience and one that you’d rather forget.
If you are in process of applying for a mortgage loan—either online or off—then you should ask following questions to every lender that you are considering.
• What are my loan options? Some lenders specialize in only fixed-rate mortgages and you couldn’t get an ARM if you begged. It’s important to know your options up-front.
• What is interest rate? You can easily go online and find competitive interest rate on any given day, and you should ensure that your chosen mortgage lender is offering you one in line with market.
• How many points will I have to pay to guarantee that rate? Just because someone offers you a great interest rate, that doesn’t mean there won’t be strings attached. Be sure and ask if interest rate they quoted you is contingent on your buying points.