5 Questions to Ask Your Mortgage Lender

Whether or not you’re applying for your first mortgage, you probably have plenty of questions for your mortgage lender. But are you asking the right ones? Are you gathering the right information? Take a look at five questions to ask your lender before you start filling out paperwork.

#1: What Types of Loans Are Available?

Every mortgage lender has its own portfolio of available loans, which is why it’s important to know what types your lender offers.

#2: What Type of Loan is Best for Me?

Your lender’s job is to help you find the best loan for you and your needs. They should have at least a few potential options available for you to choose from. Get them in writing with all of the details included so you can make an informed choice.

#3: What Will My Interest Rate Be?

Your lender should explain interest calculation, the rates available to you, and how it affects your monthly payment.

#4: What is My Loan Estimate?

Your loan estimate is a breakdown of every cost you’ll see before, during, and after your closing.

#5: How Long Will It Take to Process My Loan?

The time it takes to process your loan can impact how you proceed with a home purchase. Get an estimate of the time involved so you’re prepared. Sellers generally favor quick processing over one that’s drawn out.

This list is an excellent start to get you going on the road to homeownership. Mortgage lenders can answer these questions and more. Contact the experienced team at Midland Mortgage Corporation when you’re ready to get started.

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