When you meet with a mortgage broker, you can never get too much information. Whether it’s your first time meeting with a broker or your 10th time, there are going to be dozens of questions you’ll need to get answered. Show up to your next appointment feeling prepared with the help of these handy questions.
What kind of loan is right for me?
There are many different types of loan programs that you could qualify for, but which loan is right for you? If you’re after a luxury property, you should probably ask about a Jumbo loan. If you’re a veteran or other military-related candidate, a VA loan may be a good option for you. There are so many options to choose from, but a broker with deep knowledge of your situation can help you make the right choice.
What is my down payment going to be?
It’s easy to get caught up in the mortgage lending process and forget to ask the simple questions, especially when so many financial factors come into play. People often put all their focus on the monthly payment and they forget to ask one big question: What will the down payment be? Make sure you get a clear answer and write it down. That way, there won’t be any surprises when you start planning for your future property.
How much are ALL the costs?
The down payment and the monthly payment are just two of many financial factors you’ll have to consider. Be sure to ask your mortgage broker for a Loan Estimate, a document that lists ALL of the costs associated with your loan. The Loan Estimate includes costs you may have not considered, like credit reports, appraisal fees, and sometimes even taxes. Lenders are required to give you a Loan Estimate, so don’t be shy asking for yours.
These are just some of the many questions you should be asking your mortgage lender. Be sure to do your research, thoroughly read the application and get a clear idea of what you want. If you have any questions about the loan application process, we’re here to help you!