There are a number of questions all buyers should ask their lender, and here's just a few...
- Based on our situation, what looks to be the best program for us? Why?
- What is the projected time for processing and closing a loan?
- If PMI (Private Mortgage Insurance) is required, when and how does it go away?
- About your rates, terms, and fees. Are they negotiable?
- What standard underwriting guidelines do you follow?
- What is your most popular program? Why?
- Who services your loan?
- Six months to a year from now, what will make this loan look good/bad to most borrowers?
- What are your standard and special fees?
- What, if any, escrow requirements exist?
- What if the rates go down during the 'lock-in' period?
- Who is our contact person after application for progress reports?
- What, if anything, do you need from us to get our loan approved?
- Do you have any concerns about our ability to get a quick loan approval?