Questions To Ask Loan Officer When Buying A House? (TOP 5 Tips)

Mortgage Questions To Ask Your Lender

  • What Types Of Home Loans Do You Offer?
  • Which Type Of Mortgage Is Best For Me?
  • What Will My Interest And Annual Percentage Rate Be?
  • What Is The Loan Estimate?
  • Do You Handle Underwriting In-House?
  • What Is Your Average Loan Processing Time?

What should I not tell a loan officer?

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?
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What questions should a first time home buyer ask a mortgage lender?

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 questions should a Realtor ask a loan officer?

Here are the questions I would ask a loan originator, if I were a brand new Realtor.

  • Do YOU have any personal or business relationship with any other part of the mortgage/real estate machine?
  • Are you co-marketing with another lender?
  • Who are some of the other Realtors you work with?

How often should I contact my loan officer?

It’s probably not realistic to ask for your loan officer to touch base with you every single day, several times per day while you are trying to close on a house. In general, I think every 2 – 3 days is very reasonable for touching base if you haven’t heard anything specific and you are under contract with a home.

How do I talk to a mortgage lender?

Five Things You Need Before You Talk to a Mortgage Lender

  1. State Identification and Social Security number.
  2. Verification of income.
  3. Verification of employment.
  4. Copies of asset statements.
  5. Strong credit score.

What do you say when you reach out to a lender?

While the bulk of your conversation will be about the interest rate and payment plan, be sure to ask your lender about what other charges they will incur. Ask directly: “ In addition to my interest rate and monthly payment, what other fees am I responsible for? ” Ask them to break down these fees and their purpose.

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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.

How much is the typical loan origination fee?

Origination fees average around 0.5% to 1.5% of the total loan amount — but vary from lender to lender. Origination fees are charged by the lender in exchange for processing and originating a mortgage loan.

How much should you ask for a home loan?

Most lenders require that you’ll spend less than 28% of your pretax income on housing and 36% on total debt payments. If you spend 25% of your income on housing and 40% on total debt payments, they’ll consider the higher number and qualify you for a smaller amount as a result.

Can listing agent talk to buyers 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. However, they can reveal the same information already on the pre-qualification form.

How do you answer a loan question?

Here are six questions a lender will typically ask you.

  1. How much money do you need?
  2. What does your credit profile look like?
  3. How will you use the money?
  4. How will you repay the loan?
  5. Does your business have the ability to make the payments required under the loan?
  6. Can you put up any collateral?
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Can listing agent talk to lender?

The seller has the right, through the contract, to contact the buyers lender so as to keep abreast of the loan progress because of the sellers vested interest. The seller, through the listing agent is allowed to ask any question about the loan progress that is non-confidential in nature.

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