Top 5 Questions for Mortgage Shopping

In shopping for an attractive offer from a mortgage lender, many are unaware of the relevant things to ask a lender. Below, I have listed the top five questions to ask lenders:

1) What is your current interest rate? We all want a bargain but the lowest number is not always the best deal.

2) What origination charge does the lender have associated with their quoted rate? You may find that the great deal you are getting comes with exorbitant fees that will take you much too long to recoup.

3) At what point in the process, can I have my rate guaranteed or locked in? Sometimes this can vary by lender. The point is that the rate quoted may not be available to lock in for a few weeks.

4) Do you have a chance to re-negotiate a lower rate before closing? For instance, if you locked your rate at 3.875% but the market dropped to 3.75% before closing, do you get a chance at the lower rate?

5) How long has the loan originator been writing mortgage loans? Experience of 10 year or more is a big plus in the industry. The longer time, in the business, typically means that they have many satisfied clients that repeat business. Unfortunately, other loan originators try to use and abuse and are not so much interested in repeat business. Your best interests may not be served in these situations.

I have been in the mortgage industry for 20 years now, and I look forward to serving your best interests and assisting you in making the best choice for your mortgage needs!