So you’re wanting to start a mortgage. Congrats! That means you’re planning on buying a home that you (hopefully) love. However, before you sign on, it’s important to ask your potential lender several questions. As a mortgage lender ourselves, we believe transparency is important and that borrowers should be fully informed before beginning a mortgage. Here are 8 helpful questions to ask:
- Which loan do you recommend for my situation?
- What interest rate am I approved for?
- Can I provide any additional information to lower my interest rate?
- Will I have to pay Private Mortgage Insurance (PMI)?
- What will my monthly mortgage payment be?
- Is there a pre-payment penalty?
- Can you approve loans in-house?
- What makes you stand out from other lenders?