Important Questions to ask your Lender

When you are a buyer looking to get pre-approved to purchase a home in the Carson Nevada area, you can never ask to many questions. Most lenders are happy to go through the loan process and answer the questions that you may have.

So I have outlined below some of the more important questions that you should ask, Keep in mind you can questions other than the ones I have put together this will just help you to get going.

As a buyer, the more knowledge you can gain, the better you will be prepared when you get ready to buy your next home so ask questions! If you find you are not getting the response to your questions, maybe you need to start looking for a different lender. I can help with that as well, so if you need a referral let me know.

I always recommend you speak to two lenders anyway, this way you can compare them and see who you get the best feeling from. You will be working with them for at least the next thirty days so make sure you believe and trust what they will be telling you…Trust your gut!

1. What are the most popular mortgages you offer? Why are they so popular?

2. Which type of mortgage plan do you think would be best for me? Why?

3. Are your rates, terms, fees, and closing costs negotiable?

4. Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required? (NOTE: Private mortgage insurance is usually required if your down payment is less than 20 percent. However, most lenders will let you discontinue PMI when you’ve acquired a certain amount of equity by paying down the loan.)

5. Who will service the loan — your bank or another company?

6.What escrow requirements do you have?

7. How long will this loan be in a lock-in period (in other words, the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if it drops during this period?

8. How long will the loan approval process take?

9. How long will it take to close the loan?

10. Are there any charges or penalties for prepaying the loan?

So when you are ready remember I specialize in working with buyers looking to buy and invest in Real Estate in Northern Nevada and the surrounding Carson Valley area. So please call Dan LaPorte, REALTOR® with Century 21 at 775-783-7372 or email me @ c21homehunter@gmail.com or go to my website www.nevadahomehunt.com

Tags: Buyers, Buying Real Estate, Carson valley Real estate, Home buying