When you're in the market for a new home, one of the first things you probably think about is getting a mortgage. But before you get drawn in by what appears to be a great rate, here are a few questions you should definitely ask your loan officer before starting any paperwork.
8 Questions You Should Ask Your Loan Officer
- Are you licensed? Working with an unlicensed organization can cause serious problems down the road.
- What programs do you offer? They should be able to immediately tell about their programs, including FHA and VA programs.
- What's the par rate for a 30-year fixed mortgage? This is a figure most officers should know immediately.
- Do you hold your loans or sell them? Remember the mortgage crisis? Selling loans was part of the problem.
- Do you sell my information? If they sell your information, you'll probably end up on a lot of junk mail lists
- How do you keep my information secure? Failing to secure your information can open you up to identity theft.
- What interest rate are you offering? They should be able to tell you not only the rate, but also how they calculate that rate.
- What's your estimate of closing costs? A good loan officer should be able to come up with these numbers fairly quickly.
By staying on top of your mortgage process and asking these questions, you can rest assured that you've selected the best mortgage company for your new home. At Midland Mortgage, we're always happy to help new and returning home buyers find the right mortgage solution for their new home. Contact us today for more details.