This series has been designed with our homebuyers in mind. Regardless if you are a first-time or veteran buyer, the first step of the home buying process often involves shopping for a loan. This process is not always as simple as it sounds! Which types of loans are there? What is the difference between them? Which loan is best for you? Through this new series, we will help you navigate through those questions and the loan process, breaking down the most common loans that we deal with here at Nashville On The Move.
Week 2: Questions to Ask a Lender
Keep These in Mind When Meeting a Lender
1. Do you have a list of references?
2. What is your rate with “0” discount points?
3. How long can I lock in the rate at no cost?
4. What are your closing costs? (Quoted as a dollar amount)
5. Do those closing costs include the following?
- Credit Report
- Recording Fees
- Origination Fee
- Attorney Fee + Title Search
- Lender’s Title Insurance
- Intangible Tax
- Underwriting/Processing Fee
- Document Preparation Fee
- Tax Service
6. Can you send me a good faith estimate of closing costs?
7. How much will the Homeowner’s Title Insurance cost?
8. How long will it take to process my loan and receive a commitment for loan approval?
9. Do you have in-house underwriting? Why is this important?
10. Will you be present at the closing of the loan?
11. How much is my up front PMI? (Private Mortgage Insurance)
12. How much is my total monthly payment going to be?
13. Do you have an alternate loan program to PMI? (Most lenders will waive PMI)
Thanks for tuning in to our Home Loans 101 blog series! | Next week: Conventional Loans | Want to stay connected? Like us on Facebook + follow us on Twitterand Instagram. And, as always, check out our current homes for sale in the Nashville area.