What to ask your prospective mortgage lender when searching for a loan

When you are searching for a mortgage, there are some questions you should ask your prospective mortgage lender. By asking specific questions, you will be better able to ascertain whether the lender you are considering will be the best fit for you.

Choosing a local company who handles mortgages Chattam, IL based, is the first step in the home buying process. By choosing to work with a locally based lender, you will have peace of mind and security knowing the company that sold you your loan is a part of your community. Once you have narrowed down some local companies that offer mortgages Chattam, IL based, you will be ready to move forward with the selection process.

When asking questions of your prospective lender, take note on how they interact with you. If they are hurried, impatient or try to skirt your questions, it may be a sign that you need to go in another direction. On the other hand if they listen attentively, and answer each question patiently and to the best of their ability, this is a positive sign that the company has nothing to hide. Some of the questions you will want to ask during your initial meeting include:

Have you received your license within the State of Illinois?
Are you able to provide a fee estimate and explanation of each?
Do you have a Good Faith Estimate?
Do you plan to sell my loan or will you hold it for the entire term?
Are you able to get local approval for my loan?
Do you represent a broker, finance company or a bank?
Is my information secure or do you sell it?
Can I speak to you in the future regarding my loan?

These are some of the questions that you should ask of the lender you are considering working with. They should provide you with honest and upfront information so that you can make a fully informed decision. If the mortgage lender attempts to hide information such as the amounts and purposes of their fees, hey should be avoided at all costs.

Searching for a lender does not have to be a difficult process. Select a local lender that is licensed within the State of Illinois. As an added qualifier, the lender you choose should be a member of the Mortgage Banker’s Association. A mortgage company that has access to a wide variety of loans such as FHA and VA loans is also an ideal selection as they will be able to find the best loan option for you.

Choose the best mortgages company in Chattam IL to make your new home purchase or home refinance.

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