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Questions you should ask your loan officer:
- How long have they personally been in the mortgage business?
- Do they have any underwriting experience?
- Does it cost you anything “up-front?”
- Do they have the capability to offer many different investors rates and products, or just their own?
- How many transactions do they generally close on a monthly basis? (Reason: if they do not seem very busy, you should wonder why. Good loan officers are in high demand for good reason).
- Do they have a dedicated team working for you?
- Can the company provide testimonials from satisfied customers or other references?
- What are my total closing costs including all fees? Are these costs disclosed in writing through a Good Faith Estimate of Closing Costs?
- Are all closing costs included in this estimate or only selected ones?
- Is the rate being quoted "locked" or "floating"? When can I lock the loan and how long will the lock last? Is there a charge to lock the loan?
- Is there a prepayment penalty? If so, how much is the penalty and how long is it in force?
- Does the loan require escrow accounts for taxes, insurance, or other items? Are the amounts disclosed in the Good Faith Estimate?
- If the loan is an Adjustable Rate Mortgage, what are the index, margin, and caps associated with the loan? Can it be converted to a fixed rate? How stable is the index being used? When will the first adjustment occur?
- What is the overall cost of financing this home over the life of the loan? Is this cost disclosed through Truth in Lending forms?
- Will paying points reduce the overall cost of my loan? By how much? How long will it take to recover the cost of paying points?
- Do the loan products being offered fit my particular needs?
- Can I readily qualify for the programs I am applying for?
- How long will the process take?
The answers to these questions should tell you what caliber of a person with whom you are considering entrusting the largest financial transaction you will make in your life. We would love to have the opportunity to discuss all of these questions and the many more you probably have, personally with you. Please call or email us at your convenience.
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