The Questions You Should Ask Your Will County Mortgage Lender in Order to Receive the
Best Mortgage Financing for Your Needs
In earlier posts, I have addressed some of the more major issues surrounding mortgages, mortgage processing, and mortgage closings.
In "Your Preparation and Planning for Buying a Home Needs to Start Well in Advance of Your Viewing of Homes", I addressed the time-frame you should follow as you begin the home buying and mortgage process.
I've even provided helpful information as to HOW to find your Mortgage Lender. But once you have found and decided upon your Mortgage Lender, what then? What questions regarding mortgages and mortgage processing should you ask? What needs regarding your financing should you see to fulfilling?
Below you will find a list of questions, I think are important to ask regarding your Mortgage and financing itself. Receive the answers to the following questions and you'll be fairly certain that you're receiving the best Mortgage option and service possible for your financial scenario and needs:
1. How long is the Mortgage process?
(If there are no problems or issues that arise, most mortgages are processed within a 30 to 45 day time period)
2. What Mortgage program is best for me?
3. What costs will be involved in my financing?
(Your Mortgage Lender should provide you with an estimate of your Closings Costs, called a Good Faith Estimate. Example provided)
4. What Interest Rates are available to me?
5. Is "paying down" (utilizing Discount Points) the Interest Rate an option ... and is it wise for me to do?
6. When will you "Lock In" my Interest Rate?
7. What is the Annual Percentage Rate of my loan?
8. Is it possible for me to improve my credit quickly so I can receive a better Interest Rate?
9. What Mortgage term suits my financial situation best?
10. What is the minimum/maximum Down Payment I will be asked to make?
11. Will my loan be "sold" after my Closing?
12. What are the Down Payment requirements for:
B. Conventional Loans?
C. VA Loans?
13. Is Mortgage Insurance necessary on all loans with less than 20% down?
14. Does the cost of Mortgage Insurance vary with the percentage of Down Payment?
15. Can I finance Closing Costs?
16. Can someone help me finance with a monetary gift?
17. When and How am I able to pay my taxes?
18. Is an Escrow Account mandatory?
The Questions You Should Ask Your Mortgage Lender in Order to Receive the Best Mortgage Financing for Your Needs ...
Yes, there are many questions to ask during your initial conversations with your Mortgage Lender. But making the effort and taking the time to ask them is very important.
It's also the only way that you will come to completely understand the mortgage options you have to choose from ... and receive the peace of mind of knowing that you have chosen the best mortgage program for yourself and your financial future.
* Have mortgage questions that need answers? Contact me today! Let's talk and give you the opportunity to get the information and answers you need before starting the mortgage process. We'll work together and give you the peace of mind that comes with being fully-educated regarding home buying and mortgage financing.
I can be conveniently found at:
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Mortgage Quote & Consultation
Mortgage Quote & Consultation
Gene Mundt, Mortgage Lender, a Lender with 37 years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:
Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago and the greater Chicagoland region, including:
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, Romeoville, Naperville, etc.), DuPage County, the City of Chicago, Cook County, and elsewhere within IL.