Chris Gmyr

So, you have decided to buy a home and you have even decided that you need a mortgage, you have picked out a good real estate agent, but you might be wondering what you do now. Well, a good next step is to figure out what you want to ask your lender, so that you make sure to get the best deal possible and the one that works best for you and your family. That way there will be less to worry about later on and more to enjoy. Here are some tips of some things to ask your lender to help make the process easier for everyone.

Ask your Real Estate Agent for Advice
A good first step before talking to a lender is to ask your agent for advice. They have experience dealing with lenders and can help you know what to expect. You may even want them to meet the lender with you, so you can get the best deal possible.

Ask your lender about the different loans
Talk with your lender about your money situation and the different types of loan options to try and figure out what would best suit you. Do not let them talk you into something you do not need or want or let your real estate help you.

Find out what the best APR and Interest Rate Is
The APR is the interest rate plus any fees from the loan and sometimes lenders do not calculate this correctly, so if you are unsure double check it yourself or ask for your agent’s help before signing anything.

Ask about Discount Points and any other Fees
Each point is equal to one percent of the amount of the loan. Some lenders charge other fees on top of the point fees, so be sure to ask about these and know the details if you are unsure.

Ask about any and all costs
Make sure to ask about all costs including: appraisal, taxes, credit report, lender’s policy, recording fees and more. Know exactly how much you will be paying for the loan you choose.

Ask about the Good Faith Estimate
A lender has three days after you have applied for a loan to share all the costs with you, but they do not have to guarantee to do this. Ask about any guarantee policies, and if the lender does not stick by their guarantee, go with another lender to get a better deal.

These basic questions to ask your lender will help the process go smoother for everyone and make sure there are no surprises or extra worries in the future. This way you can just enjoy your new home and future without worries and hassles.