what to ask mortgage lender

compare 15 year mortgage rates The rate you’re offered depends on your down payment, credit score and income. Thanks to the high monthly payments, it’s harder to qualify for a 15-year mortgage than it is for a 20-, 25- or 30-year mortgage. A 15-year mortgage suits those who want to pay less interest over the life of their loan and can afford the higher monthly payments.

The most important factor to consider when choosing a mortgage lender recommended by an agent is not the interest rate, and it’s not the loan fees.Yes, that is not a misprint. Throw out everything you think you know about mortgage lenders and shopping for a loan because it is not all about the fees charged.

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Refinancing can help homeowners to save money by lowering their mortgage payments. The terms used to refinance are often lower or better than the rates and terms of their previous mortgage. Knowing what questions to ask a mortgage lender when refinancing mortgage can make the refinancing process faster and reduce unexpected costs.

Before buying a home, shop around for the best mortgage lenders. Get tips on finding the right lender for you, and see our top picks for a variety of needs.

If you don’t like the answers you get, you are free to continue shopping for a mortgage lender who will meet your expectations and make you feel comfortable about taking a mortgage with them. Please consider spreading the word and sharing; 10 Questions to Ask a Mortgage Lender and Why They’re Important

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Refinance rates tick higher for Monday – Yes, that payment is much bigger than it would be on a 30-year mortgage, but it comes with some big advantages: You’ll save thousands of dollars over the life of the loan in total interest paid and.

How To Choose A Mortgage Lender and What Questions To Ask – Choosing a mortgage lender can be difficult. When it comes to dealing with a lender you always want to be prepared. When a lender sees that you take initiative they will most likely trust you more.

Talk to a number of other mortgage lenders, including a mortgage broker. Ilyce Glink is the author of “100 Questions Every First-Time Home Buyer Should Ask” (4th Edition). She is also the CEO of.

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Mortgage Questions To Ask Your Lender. You’ve set your first appointment up with your lender, but you aren’t sure where to start. You can ask any of the general mortgage questions included above, but there are also more specific questions to keep in mind.

 · Example: A mortgage company might ask for a letter of explanation relating to a negative entry on a borrower’s credit report. This requirement could come from the lender, or from secondary underwriting guidelines imposed by FHA or Freddie Mac. The end result is that the mortgage lender must request a letter of explanation to document the issue.

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