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What to Ask Mortgage Lenders

Date:July 21, 2010 | Author:Diane Tuman | Category:Mortgages

There you are, sitting face-to-face with a mortgage lender and after the usual niceties and idle chit-chat, the conversation turns to what you’re there for: getting a mortgage quote. But, how do you know this lender is the lender for you? Beyond good mortgage rates, there are lots of other things you should be concerned about, such as:

Is the lender licensed?
How are they compensated?
Are there pre-payment penalties?
Do you need to pay points?

If you’re in the market to buy a house and want to take advantage of historically low mortgage rates, these are just a handful of questions you should ask a lender.

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Responses (9)

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Scott Wynn 6:55 AM - Jul 22,2010

What are the right answers? Many reading this will see the list of questions and wonder what the “right” answers are. At the top of the questions page you mention that if a lender is pushing you too hard in a direction to go elsewhere. Some lenders have seen the negative impact of this market on consumers and push people towards the right product. I suggest you “go with your gut”. If it sounds right, you get a good feeling and the answers make sense you are probably going to be ok. It never hurts to talk with a few lenders to verify answers to certain questions and get differing opinions from mortgage professionals and then select who you want to work with.
Diane Tuman 7:17 AM - Jul 22,2010

Good points, Scott, although the answers can vary and the right answer for each consumer can vary. But, above all, consumers should shop for lenders and settle for someone who they feel will serve them well. Thanks for stopping by!
Scott Wynn 7:22 AM - Jul 22,2010

I agree with you. The “go with your gut” is basically saying what you said about “settling for someone they feel will serve them well”.

Thanks for the post!
Cedar Park Owner Finance 10:19 AM - Jul 22,2010

I personally have a mortgage broker that i refer all my clients to and he is second to none. Great post though. I can see how some individuals could be caught in a sticky situation if they don’t know what they’re getting in to.
Owner Financed Homes 6:47 AM - Jul 26,2010

Great information here. Very informative for individuals who venture out on their own to find a mortgage broker.