16 Questions to Ask When Choosing a Lender

Loan terms, rates and products can vary significantly from

one lending company to the next. Plus, how do you handle

closings in the age of COVID-19?

General questions:

� What are the most popular mortgages you offer? Why are

they so popular?

� Are your rates, terms, fees and closing costs

negotiable?

� Do you offer discounts for inspections, homeownership

classes or automatic payment set-up?

� Will I have to buy private mortgage insurance? If so,

how much will it cost and how long will it be required?

� What escrow requirements do you have?

� What kind of bill-pay options do you offer?

� Do you do remote closings?

� Explain the process of closing with social distancing.

Loan-specific questions:

� What would be included in my mortgage payment

(homeowners insurance, property taxes, etc.)?

� Which type of mortgage plan would you recommend for

my situation?

� Who will service this loan your bank or another

company?

� How long will the rate on this loan be locked-in?

Will I be able to obtain a lower rate if the market rate drops during the lock-in period?

� How long will the loan approval process take?

� How long will it take to close the loan?

� Are there any charges or penalties for prepaying this loan?

� How much will I be paying in total over the life of

this loan?

Source: National Association of Realtors

 

Agent

Juan C Sanchez

Juan C Sanchez

Phone813-767-7628