Whether you’re purchasing a home for the first time or it has been many years since your last home purchase, there are several essential questions to ask while going through the homebuying process.
Finding the right mortgage company may seem overwhelming, so shop around for at least two or three mortgage quotes before making a decision. Here is what you should ask:
– How does my credit score affect my quoted mortgage interest rate?
– Does the lender offer first-time homebuyer loan programs?
– What is needed for pre-approval to submit an offer to purchase?
– How much are the lending fees?
– What are the estimated monthly mortgage payments and closing costs after the initial deposit, taxes, escrow, and title and mortgage insurance?
– What are the current mortgage rates?
– When can I lock in my rate?
– How long does it take to get a final mortgage commitment?
Once you have acquired the pertinent information, you should be able to choose the best lender for your financial needs.