Posted on: 16th Aug, 2005 03:51 am
Hi Mortgagefit Community,
I read http://www.mortgagefit.com/mentormarks-encash.html and decided to donate my 2 cents. Here is my 2 cents for the guide.
Questions a Borrower should ask?
Whenever a borrower approaches a lender for a mortgage loan approval, he should ask the following questions:
MortgageFit Team please include these under your guide. I hope it will help.
Thanking the whole community
Samantha
[edited by sam, added few more question to make it a part of guide .. Thanks Samantha]
I read http://www.mortgagefit.com/mentormarks-encash.html and decided to donate my 2 cents. Here is my 2 cents for the guide.
Questions a Borrower should ask?
Whenever a borrower approaches a lender for a mortgage loan approval, he should ask the following questions:
- 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?
- 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?
MortgageFit Team please include these under your guide. I hope it will help.
Thanking the whole community
Samantha
[edited by sam, added few more question to make it a part of guide .. Thanks Samantha]
Hey that was real good stuff, we have decided to ask these questions to all our lenders. Also including this under our guides.
Great work , looking forward for more cents :) .
Thanks
Sam
Great work , looking forward for more cents :) .
Thanks
Sam
Hi Sam
I am happy to know that you have decided to include these queries in your guide. Actually I guessed that borrowers may benefit if they know the answers to these questions. So I just wanted to help them. I would also like to mention that I have also posted some questions that may help borrowers find the best lender "How to choose the best lender" so that they are ensured a fair mortgage deal.
Thanks,
Samantha
I am happy to know that you have decided to include these queries in your guide. Actually I guessed that borrowers may benefit if they know the answers to these questions. So I just wanted to help them. I would also like to mention that I have also posted some questions that may help borrowers find the best lender "How to choose the best lender" so that they are ensured a fair mortgage deal.
Thanks,
Samantha
After asking some questions to lender we should be serious on some factors while choosing the lender. And I found that has been well explained by Sam in a forum post "Selecting the right lender - Factors to consider".