Questions To Ask Your Mortgage Lender Before You Buy Your Dream Home - part 1
by Gerald Njuguna
Many homebuyers especially first time ones, are so excited and nervous at the prospect of purchasing a home that they sit in the lenders office, glance over a ton of official looking paperwork, sign on the bottom line and never really give any consideration on what they should be asking the lender before they make that all important final step in the mortgage process.
While the lender will be asking for you for a lot of background information in order to ensure you are the best fit for the money they will loan out, there are critical questions you should ask the lender as well. Failure to ask mortgage lender the right questions can result in misunderstanding and ultimately the loss of a significant amount of money. Doing your research, asking the questions, and taking the time to understand the mortgage loan you are being asked will result in substantial savings, both in money and headaches.
First, find out exactly how long it will take to process your mortgage if you are obtaining pre-approval to purchase a home. This may not be as critical, but if you have already placed an offer on a home with a contigency of obtaining financing, this can be critical. The deal can be lost and someone else may buy the home out from under you, while you're still waiting around for underwriting to go through. So save yourself the headache, and get a clear picture ipfront of how long the lender expects the process to take.
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Questions To Ask Your Mortgage Lender Before You Buy Your Dream Home
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