Basic List of Questions to Ask Your Mortgage Lender When Shopping for a Mortgage
We understand that the home buying process may feel overwhelming when you are unsure where to start. We created a list of essential questions to ask your mortgage lender while preparing for your home buying journey. No matter if you’re looking to purchase in three weeks or three months, now is a great time to ask your questions and get your plans in order!
What type of loan is best for me?
It depends on your financial and credit profile. At GuardHill, we offer a variety of loan programs to match your specific financial needs. Speaking with a mortgage specialist will help you learn more about the pros and cons of each program for your particular situation and needs.
How much mortgage can I afford?
One of the first things to consider when looking to buy a home is your budget. It is essential to evaluate all your expenses per your monthly income, to determine the monthly payment you can fit within that budget. Our mortgage specialists can review your financials during initial conversations; This way, you can narrow your home search and have more realistic expectations.
Tip: Use our home buying calculator to calculate and evaluate different monthly mortgage payments.
How much do I have to put down on the house?
Again, it depends. We typically advise our clients to put down 20% of the purchase price if they can do so.
Is your underwriting in-house?
This is an important question to ask, because in-house underwriting may ensure more precise and consistent communication between your loan officer, processor, and underwriter. GuardHill’s in-house underwriting teams help to provide our borrowers with fast and accurate approvals, speedier loan processing, and quick closing times. Right now, time is of the essence. The mortgage industry is continuously evolving with the world climate, and working with an agile and efficient mortgage team is essential for your mortgage financing needs!
How often will I be updated on my loan’s progress?
It is crucial to find out how many points of contact you will have during the loan process. It is also essential to find out which method you will be contacted, i.e., phone or email. Communication is vital during your mortgage process, so make sure to establish this with your loan officer from the beginning.
GuardHill’s mobile app, GuardHill on the Go, allows you and your real estate agent (if you allow) to track your loan progress from application to closing. Our goal is to make sure all parties are up-to-date and informed of any growth!
How can I make sure my loan closes on time?
More than ever, home buyers are eager to close as the current climate and industry are continually changing. Ask your mortgage lender about the do’s and don’ts during the mortgage process to make sure you stay on track for a timely closing. Make sure you properly communicate any important deadlines with your mortgage lender as well, so they are aware of your timeline.
As always, GuardHill is still available to answer your mortgage financing questions. Contact one of our mortgage specialists to learn more or get started with your mortgage today!