Posted on: 25th Aug, 2005 10:38 pm
Here, we have compile the list of all the common queries which a borrower should ask to a lender.
Information about Lender:
About Loan Process:
Information about Lender:
- Does getting a good interest rate depends on excellent credit rating?
- What are the different steps involved in the process of pre-approval?
- How much time will it take to complete the process of pre-approval?
- Is it allowed to Lock-In the interest rate while buying a home?
- Till what time is the Lock-In best for?
- Till what time is the Lock-In best for?
- What will happen if the interest rate goes down before a deal is closed?
- After approval of a loan, will you provide a written commitment?
- What are the documents needed at the time of loan approval?
- How much time does a loan takes to get approved?
- How long will it take to close the loan after getting approved?
About Loan Process:
- If needed, can you process the loan faster?
- Where is the mortgage loan processed?
- What is the total time required to process a mortgage loan?
- Can the Lock-in also be extended if closing gets delayed?
- Are the latest updates on loan processing available?
- How long does it take to get a loan approved?
- Do you offer any special programs with lower interest rates or reduced closing cost for the first time buyers?
- How much of a loan amount can be borrowed on a mortgage?
- What can be done to fix the past credit problems?
- What can be done to qualify for the required loan?
- Can you give me the references of those people whose loans you have processed?
- Is the originating fee a part of the closing costs?
- When can the Interest Rate and Discount Points be locked?
- How long is the Lock-In period valid for?
- What is the durability of the point's quote that was given by you verbally?
- What will be the total of closing costs?
- How much do you charge as junk fees?
- How many days of interest are figured by you in prepaid?
- Can any of the fees be negotiated at the time loan process?
- What are the fees that need to be paid at the time of application?
- Are the credit report fee and the appraisal fee needed to be paid at the time of application?
- What will be the principle amount and its interest that needs to be paid every month?
- Is there any extra fee that needs to be paid if the rate goes down?
- Can the fixed rate be converted without refinancing, if yes what is the conversion fee?
- Can a loan be pre-paid at any point of time?
- Is there any pre-payment penalty associated with this loan?
- Do you think that an individual inspection is required to rate the property?
- Do you provide any premium discounts if homeowner's insurance are carried with you?
- Does the Home owner insurance policy have any provision that covers personal property that is lost, stolen or damaged within the premises?
- How much will the insurance company pay and for how long if the house is completely destroyed?
Hey thats really great.
Generally we forget to question some important queries to the company while applying.
The List given here covers all the queries.
Also very useful.
Generally we forget to question some important queries to the company while applying.
The List given here covers all the queries.
Also very useful.
The best thing a consumer can do is do lots of research. All of our sites have some great information. Is something does not seem right, then ask questions. Ask someone here if your lender is telling you something that just does not seem right.
I agree, ask someone if things do not seem right. In addition, if the loan is for a purchase you should always hire an attorney to protect your interests. In many states, that is not done. People trust the realtors to review the contracts for them.
Very nice information Thanks.
yes, i agree with eric.
most of the time, agreement is drafted by realtors & we blindly believe on it. Instead of that we should hire attorney & try to understand where we are gonig to sign. it helps a lot & avoid most of the problems.
most of the time, agreement is drafted by realtors & we blindly believe on it. Instead of that we should hire attorney & try to understand where we are gonig to sign. it helps a lot & avoid most of the problems.
I think lot more depends on the property value.if it is really a big one and one is taking a big loan then it is advised that one should hire a attorney as most of the time it is really difficult to forecast some future problems so it is a good advice to hire a attorney but cost does matter............
keep in touch.......
keep in touch.......
property value ought to have nothing to do with hiring an attorney to review documents. the transaction is the same and there's no less hazard in a lower-priced property than there is in a higher-priced property.
George,
It is true that one must look after proper documentation of the property irrespective of the property value.
Manoj,
Do you think that there is no risk associated with lower value property? If you think so then I will advice you to go for the property buying through internet.
I hope you got my point.
It is true that one must look after proper documentation of the property irrespective of the property value.
Manoj,
Do you think that there is no risk associated with lower value property? If you think so then I will advice you to go for the property buying through internet.
I hope you got my point.
don't count on that happening, fred.
The best advise is to contact a mortgage lender and mortgage broker. The best advise is to contact a mortgage lender and mortgage broker. Find someone that you are comfortable with. Tell them your specific goals and any concerns you have about qualifying for the rate and program you want. A professional will be able to find the product that you qualify for and meets your needs. With mortgage rates where they are specifically on FHA mortgages it is easier than one might think to get a beneficial loan. JoeB
amen to that, joe.
It is Ok for those people who do not have any knowledge of the mortgage and thus they can approach mortgage brokers but for those who are somewhat conversant with the mortgage terms should look on their own as it will save lots of dollars for them and additionally he will get further knowledge about the deal making.
Your best bet is going to be USDA loans. I cant post a link to the website. But search USDA gov eligibility. You can put the property address there and check if the property qualifies for the loan. If so, this is zero down purchase. You still have to qualify. I really suggest you get in touch with someone who knows about USDA loans.
Syed
Voyage Home Loans
Syed
Voyage Home Loans
I can honestly say that I've only had positive experiences with mortgage brokers. Every time Ive dealt with them I've gotten a better deal than what was publicly available and often managed to get significant contributions towards conveyancing costs as well.
wouldn't hesitate to recommend them.
wouldn't hesitate to recommend them.
There is a first time home buyers loan which is known as a FHA loan. For people who are buying a home for the first time this is the best loan. The down payment is only 3.5%. And a very big plus is that a person can have a credit statement which shows a ratio of very high debt against their income and it will not affect their eligibility. In addition to the low down payment the monthly payments for insurance on these loans are also lower since the FHA will charge a buyer a percentage on a monthly basis.