Questions to Ask When Getting a Loan

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When you’re getting ready to enter into a mortgage, there are a few questions you should ask your lender. 1) What type of mortgages do you offer: Fixed Rate, Adjustable, etc? Ask your lender about the advantages and disadvantages of each loan type. 2) What are the charges involved with getting a loan? There will be fees associated with getting a loan such as the appraisal, credit check, escrow, etc. Ask for a list of fees upfront so you are aware of what you’ll see at the closing table. 3) What is the interest rate? The interest rate of a mortgage helps determine the total amount a borrower will have to pay back. The lowest interest rates are usually reserved for borrowers with the most stable credit histories. 4) What is the loan processing time? You’ll want to know how long you can expect for a lender to finalize your loan. This will come into play when you find a home and are deciding on a close date that will work.

If you need to talk with a lender, we can get you in contact with one of our preferred lenders. Reach out today to get started!