List of Common queries to the Lenders

Here, we have compile the list of all the common queries which a borrower should ask to a lender.

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?
  

Analyze your Financial Situation:

• 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?

References:

• Can you give me the references of those people whose loans you have processed?
  

Points and Fees:

• 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?

Home Owner Insurance:

• 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?