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10 Questions to Ask Your Lender

Tens Questions to Ask Your Lender

Reviewing all the financial options available with your lender can become a complicated task.  Just ask anyone who applies for a loan or refi. It can make your eyes cross and your head swim trying to decipher all the red tape. Especially now with all the new requirements being added by lenders and loan packages changing daily.  Finding a home is hard enough!  Right?

So add these 10 questions to ask a lender while shopping for a loan.  Better to be in the know and shift the responsibility to the lender in reviewing your options.  This financial consideration should be your most important factor in securing a home and take the guess work out of it. Some of these will sound simple but it’s good to keep things in order. Here are 10 questions to ask your lender:

  1. What is the interest rate that you are offering on the loan?
  2. What are the discount points and loan origination fees on this loan?
  3. What are the anticipated closing costs on this loan?
  4. What is your lock-in period on rates and points and how long do you make this commitment?
  5. Does this loan have any prepayment penalties and how much are they?
  6. How much will the total monthly payment be on this loan and what will it include?
  7. What do you consider to be the most important factors in evaluating my credit worthiness?
  8. What are the documents you will require me to sign to apply and to close this loan?
  9. What is your estimated time for processing this loan?
  10. What are some of the typical delays that we could encounter and how can we avoid them?

A good Realtor can also help with general information and pitfalls of the financing process.  They can also run a net sheet for you on a specific property.  These questions will ensure a smoother transaction, a more expedient loan process and most important – closing on time.  We like to say “No Surprises”. And mean it.

About Terry Smith

Passionate about real estate, positive problem solver, specialty boutique real estate brokerage that does things your way! A full-time Broker & REALTOR®, helping people buy and sell homes in the Dallas - Plano area. Whether you're a buyer just starting out or someone with luxury properties to sell. I have extensive knowledge and experience to help you with your real estate transaction. I am a native Dallasite. Have questions? Ask me. You can find me on Google+ and Pinterest.

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