FAQ: What To Ask Mortgage Loan Officer?

Mortgage Questions To Ask Your Lender

  • What Types Of Home Loans Do You Offer?
  • Which Type Of Mortgage Is Best For Me?
  • What Will My Interest And Annual Percentage Rate Be?
  • What Is The Loan Estimate?
  • Do You Handle Underwriting In-House?
  • What Is Your Average Loan Processing Time?


What should I ask a mortgage advisor?

Questions to ask your mortgage lender

  • How much can I borrow?
  • What documents will you need?
  • What types of mortgage do you offer?
  • What interest rate choices do I have?
  • What arrangement fees do I have to pay?
  • What valuation options are available?
  • What are the early repayment charges?
  • Can I overpay?

What do you talk about with a loan officer?

Here are 10 questions to ask your loan officer from the get-go to ensure the best experience.

  • Which Loan Types Are Available?
  • Will This Be a Hard Credit Pull?
  • How Much Can I Borrow?
  • What Is My Down Payment?
  • What Is My Interest Rate?
  • Are Points Included In My Rate?
  • How Much Are Origination Fees?
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What should I not tell a loan officer?

10 things NOT to say to your mortgage lender

  • 1) Anything Untruthful.
  • 2) What’s the most I can borrow?
  • 3) I forgot to pay that bill again.
  • 4) Check out my new credit cards!
  • 5) Which credit card ISN’T maxed out?
  • 6) Changing jobs annually is my specialty.
  • 7) This salary job isn’t for me, I’m going to commission-based.

What questions can a loan officer not ask?

Lenders are not permitted to ask any questions that would discourage an applicant. Further, government regulations prevent mortgage lenders from denying loans based on race, color, religion, national origin, sex, marital status, age, or because you receive public assistance.

When should I speak to a mortgage advisor?

It’s important to see a mortgage adviser at the start of your mortgage journey whether it’s your first mortgage or your looking to re-mortgage. It will save you a lot of time and effort in the long run. It’s good idea to speak to a few different firms to see what’s on offer and to compare fees.

What questions should first time home buyers ask?

11 Questions to Ask When Buying a House for the First Time

  • How Much Can I Afford?
  • Do I Have Money for a Down Payment?
  • How Much Will Property Taxes Cost?
  • What Are Closing Costs?
  • What Are the Hidden Costs of Owning a Home?
  • How Much Will It Cost to Move Into My New Home?
  • Do I Have an Emergency Fund?

What questions will I be asked when applying for a loan?

Top 10 Questions to Ask When Getting a Loan

  • How much should I borrow?
  • How long will it take to get the money?
  • What do I need to take out a loan?
  • How do I know what my current credit score is?
  • What is the interest rate on the loan?
  • How does the loan repayment work?
  • What is the term of the loan?
  • Are there any fees?
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How do loan officers get paid?

Mortgage loan officers typically get paid 1% of the total loan amount. In return for this service, the typical loan officer is paid 1% of the loan amount in commission. On a $500,000 loan, that’s a commission of $5,000.

What do you say when you reach out to a lender?

While the bulk of your conversation will be about the interest rate and payment plan, be sure to ask your lender about what other charges they will incur. Ask directly: “ In addition to my interest rate and monthly payment, what other fees am I responsible for? ” Ask them to break down these fees and their purpose.

What can I do if my loan officer is not responding?

If your loan officer is not responsive, contact her or his supervisor and communicate your concerns. It is your right to know what is going on with your loan and always remember: you are the customer.

Who are the worst mortgage lenders 2020?

Application, originator or mortgage broker issues (542) According to the CFPB, these five institutions received 60% of all mortgage-related complaints:

  1. Bank of America.
  2. Wells Fargo.
  3. J.P. Morgan Chase.
  4. Citibank.
  5. Ocwen.

Do mortgage lenders look at spending?

How you spend your money each month can have an immediate affect on your mortgage approval. Banks check your credit report for outstanding debts, including loans and credit cards and tally up the monthly payments. Bank underwriters check these monthly expenses and draw conclusions about your spending habits.

What are 3 C’s of credit?

Character, Capacity and Capital.

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Do loan companies check your bank account?

Lenders look at bank statements before they issue you a loan because the statements summarize and verify your income. Lenders also take a look at your statements because it helps them avoid fraud and lessens their risk. Most lenders ask to see at least two months’ worth of statements before they issue you a loan.

Is a down payment a loan?

The down payment is the portion of the purchase price that you pay out-of-pocket, as opposed to borrowing. Down payments are often, but not always, part of obtaining a loan.

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