Five questions to ask a lender ...
CHARLOTTE, N.C. – June 20, 2012 – First-time homebuyers must leave their comfort zone when applying for that first mortgage, and even move-up buyers can feel uncomfortable. But basing a final decision on a specific lender or even type of mortgage doesn’t make sense without all the facts.
Prospective homebuyers should interview more than one lender, ask the right questions, and compare the answers. There is no best mortgage. The conditions and rates that work best for one household may not be ideal for another.
LendingTree asked over 300 lenders on the LendingTree Network this question: “In your professional opinion, what is the best questions all borrowers should ask their potential lender?” The top five answers are:
1. What are the total costs involved with the loan?
2. What is the best program for me, based on my financial goals and situation?
3. What documents will be required ahead of time to avoid delays?
4. What are the service ratings for your company, and where can I find them?
5. How long have you (the loan officer and the company) been in the mortgage business?
“Consumers have very little confidence that they will be able to qualify for a mortgage, let alone find a great deal when it comes to a home loan,” says Doug Lebda, chairman and CEO of LendingTree. “But with rates as low as they are, borrowers have the opportunity to tap into substantial savings. If you have the right information, know what to do and what to avoid, there’s no need to be intimidated or shy away from the process.”
© 2012 Florida Realtors®