1. Do you represent a mortgage broker, mortgage banker or lender, consumer finance company or a financial institution?
2. If they are a broker, how are they being compensated? Is there a broker fee? Is there any additional compensation to the broker from the lender? Are you getting a lower or reduced interest rate because of this? Do not pay a middle person fees if it is not necessary.
3. How long have you been in business?
4. How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during the period?
5. May I see the lenders commitment letter that shows my rate is locked in?
6. What would be my Annual Percentage Rate (APR)?
7. What is the interest rate you are offering to me and is it a fixed or variable rate? Is this the best possible rate based on my credit score? Why haven't I seen a rate like this elsewhere?
8. As a mortgage broker or banker, how much money would you be paid? What is the Yield Spread Premium?
9. What other costs besides your fees will be associated with this loan?
10. Will the Lender Guarantee the GFE?
11. How much will the monthly payments be? Does this amount include escrow for property taxes and homeowner’s insurance or will I be responsible for paying these expenses on my own?
12. When would my payments be due? What is the grace period?
13. What is the length of the loan? Is there a balloon payment at the end of the loan?
14. Who would be my lender?
15. What are the chances that my loan would get sold?
16. If I pay off the loan early, would I be charged a prepayment penalty?
17. If yes, what is the amount of the prepayment penalty? How many years into the loan would the prepayment penalty expire?
18. If I pay for the appraisal, how do I obtain a copy of it?
19. If I pay for the credit report, how do I obtain a copy of it?
20. Am I required to have Private Mortgage Insurance (PMI)? If so, when will it be removed and what do I need to do to have it removed?
21. Who are you planning on using as the title agency? Are you or your company affiliated with the title company? Should I purchase owner’s title insurance?
22. Who do I contact to obtain the closing documents for the loan 24 hours in advance of the closing?
23. What are the most popular mortgage loans you make and why?
24. Which type of mortgage programs do you think would work best for us and why?
25. How long will it take to close the loan?
16800 N. Dallas Pkwy, Suite 290 | Dallas, TX 75248
Office: 972-646-2411 | Cell: 214-418-7022 | Fax: 214-614-4637
Bank of England /dba ENG Lending: NMLS# 418481
When you speak to your lender, they will look at your past bank statements, pay stubs, taxes and debt to income ratio. This will help better define what you are qualified for and also your personal "comfort level" with a monthly payment.
Once you get approved (and you can do this NOW even though you are planning on buying in a year or two), then the shopping begins! Of course you would need to get a new approval when you are actually ready to buy.
I will help you search for a great home that fits your needs!
I would recommend that you begin to save money. Next, work with an agent to give you information about the city and areas that may interest you. He or she can send you listings to give you an idea of what homes are going for in the area(s) that interest you most.
If you'd like, I can assist you. Since the seller pays for my services, there is no cost to you for my assistance.
Meanwhile, let me know if you have any questions or concerns.
Syan Real Estate
Call/Text: (505) 730-8181
505 977 3474
Your real estate expert.