If you plan to obtain a mortgage to make your home purchase, be sure to prepare for the conversation with your lender. Because you’ve chosen to work with a Buyer Specialist from the Rachel Kendall Team you will be connected to one of our local, preferred lenders. Why are they preferred? Because they have proven that they will take incredible care of our clients over and over again. Ask the following to make sure you are securing a loan that fits your needs:
- What are the most popular mortgage loans your institution offers?
- Which type of mortgage plan do you think would be best for my situation and why?
- Are your rates, terms, fees, and closing costs negotiable?
- Will I have to purchase private mortgage insurance? If so, how much will it cost and how long will it be required?
- Who will service the loan? Your bank, or another company?
- What are the escrow requirements?
- How long is your loan lock-in period?
- How long will the loan approval process take?
As discussed in The Home Buying Process and Things to Consider When Buying Your Home, selecting your lender is a crucial step that needs to be done early on, and can be done quickly, but is necessary to begin viewing homes and will save precious time when it is time to write the offer.