How To Choose A Mortgage Lender

How To Choose A Mortgage Lender (For First Time Home Buyers): 17 Questions To Ask A Mortgage Lender

How To Choose A Mortgage Lender: Questions To Ask A Mortgage Lender, questions to ask mortgage broker, what questions to ask a mortgage lender.

Today I am going to share with you the top questions to ask your mortgage lender when buying your first home. I am going to be covering 17 questions that you need to ask your mortgage lender so that by the end, you are going to learn how to choose the best mortgage lender to work with you. So enjoy, sit back and relax!

  • Why do you want to work with the best lender
    • Biggest transaction in your life and you want to do it right!
    • You want to work with the best lender to:
      • They can make or break your transaction and help you close on the home that you love
      • Have a relaxed home-buying experience instead of a very stressful one!
      • Save money getting the best rate on your mortgage
  • How can you find the best lender to work with? 
    • Very simple! Interview at least 3 loan officers (the person that lends you the money)
  • How To Choose A Mortgage Lender?
    • Choose someone that you know, like and trust
    • An educator
    • Great communication (how long do they take to reply?)
    • Great organization skills
    • Not pushy, doesn’t rush the conversation (Has the time to talk to you), doesn’t rush you to apply online
    • Trust your gut
  • What are the 17 questions to ask mortgage lender?
    • The question not to ask?
      • What is the lowest interest rate that you can give me today?
        • Instead, when you have a purchase agreement shop for rates, not before
  1. Could you explain to me the Mortgage Process? (testing how they educate and their patience
  2. Could I get prequalified first? Runaway from someone that pushes you to apply directly
  3. How quickly can you close on this loan? How long does it take to close on your loan? The shortest is the best. Big banks usually take longer than brokers
  4. Where does the underwriting process take place?  Inhouse or externally? In-house underwriting means that the loan officer and the underwriter work together for the same company under the same roof. Their close physical proximity makes the process go faster and more smoothly
  5. Based on my information, which loan programs would you recommend to me and why?   
  6. Do you know about any down payment assistance programs I could qualify for?
  7. Over the last 12 months, how many mortgages have you closed for first time home buyers, and for which price range?
  8. Out of all the first time home buyers that you pre-approved over the last 12 months, what % of them have closed?
  9. Where can I see your online reviews?
  10. How do you get paid and when? Would I have to pay that fee out of my pocket?
  11. What is your process like when you start working with home buyers?
  12. Do you have a team? Who is on your team?
  13. How many clients are you actually working with? Do you have the capacity for me?  
  14. How do you prefer to communicate? Email / phone. Could I call you on the nights or weekends
  15. Would you be willing to call the listing agent to reassure them I can close on the loan? 
  16. What could I improve in my application to get the best mortgage rate?   
  17. What else can you tell me?

— HELPFUL TOOLS —
✅ Connect with a great home buyer AGENT or LENDER in your city → https://app.tryhomeflow.com/find-great-buyers-agent
✅ Download HomeFlow, The Smart Home Buyer App → https://lauramoreno.com/homeflow/
✅ Schedule A Free 20-Minute Home BuyerStrategy Call → https://calendly.com/ms_homebuyer/20-minute-call
✅ Get The Smart Home Buyer Calculator → https://lauramoreno.com/calculator/
✅ Buy or Sell your home in Brooklyn, New York using Laura Moreno as your agent → https://lauramoreno.com/hire-me/

— RELATED VIDEOS —
⭐ 10 First Time Home Buyers Mistakes – https://youtu.be/G0pkb1FvG5s
⭐ How Much House Can I Afford? – https://youtu.be/dAYEj1_5G_I
⭐ How To Find A Great Agent? – https://youtu.be/7F6LoQeCzaA
⭐ Top Questions To Interview Your Agent: https://youtu.be/nIGpPD05IQQ
⭐ Playlists – https://www.youtube.com/c/LauraMorenoCabanillas/playlists

– DISCLAIMER –
Laura Moreno is a licensed real estate agent in Brooklyn, New York with eRealty as of the time of making this video. All information given is meant to be educational and be a starting point in your home buying/selling journey. All topics in my videos are based on my prior experiences, please double-check and confirm/consult with a local licensed professional real estate agent or mortgage lender if it applies to your situation.

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