Don’t surrender control to your mortgage banker without asking key questions.
Choosing a mortgage banker means you are deciding on the lender to provide your loan. Ideally, you will vet several candidates during this selection process and choose the most ideal offer for your finances, but how do you know the best lender to go with? When finalizing your mortgage banker, you have the responsibility to ask some technical questions, compare offers, and get information. Don’t shy away from the tough questions.
Here are three you should always ask:
- What interest rates can I expect? Getting real numbers on the interest rate of your potential loan is the only way to determine the total of what you’ll be paying over time. This is critical. Knowing general figures won’t do you any favors.
- What will my closing costs be?These will vary from lender to lender and can have a big influence on your decision. While closing costs are a one-time payment, they can still be an inconvenience if they are too high. The only way to know if you are paying too much is to shop around and get several figures to compare.
- What documentation do I need to have? Get an idea of what you need to gather for your application. Generally, proof of wages, tax history, and asset information are the three most important components of any mortgage application. Having these things readily at hand will make the entire process smoother and improve your chances of success.
Get organized before you go in for a meeting and you will get more accomplished in the time you have. Being efficient and professional with these key questions will improve your chances for establishing a successful relationship with your mortgage banker.
Wondering how to prepare for a meeting with a mortgage banker? We can help. Contact our mortgage experts at Midland Mortgage today to learn everything you need to know to breeze through the meeting with your mortgage banker.