At Michigan First Mortgage, our loan officers will always take care of you and make sure you fully understand every aspect of the mortgage process. Still, it’s important to have a good idea of the types of things you need to know when applying for the loan. Here are 10 key questions to ask your mortgage lender.
What will my interest rate be? The lender should be able to give you an estimate.
What are the closing costs? You’ll pay for services provided by third parties at the loan closing, such as title fees.
When can I lock in the interest rate? Rates may change from the time you apply for a mortgage until closing. Make sure you know when you can lock in your rate.
How many discount and origination points will I pay? Discount points reduce the interest rate, and origination points are charged by the lender to cover their origination costs.
Am I penalized for paying the loan off early? Some lenders charge a prepayment penalty – be sure to ask!
What qualifications do I need to qualify for this loan? Certain loans have specific income, assets, employment, and credit requirements.
What is the minimum down payment I need for this loan? Usually, a bigger down payment means a better interest rate and loan terms.
What documents do you need me to provide? Paperwork requirements vary from loan to loan and lender to lender.
How long does it take to process my application? It could take anywhere from a few weeks to 60 days.
Are there any factors that might delay the loan approval process? Events like an employment change, new debt, or a change in your credit report could delay the process.
Again, you can trust Michigan First Mortgage to make sure you know about every one of these questions – and more! If you have any others, call 877.312.9033 for information!