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LENDER QUESTIONS
What questions should I ask my lender?
- Do you offer a pre-approval or loan commitment program before I start house hunting?
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- What is the average number of days it takes for you to issue a firm loan approval?
- At what point can I lock my rate, what will it cost, and can I get it in writing showing the expiration date?
- If we are locked in and rates go down, what options do you offer?
- If we are locked in and rates go up, what is your policy if the rate lock expires?
- What are my down payment and closing cost options?
- What is the index and margin on the adjustable rate you are quoting?
- When you run my credit, how can I obtain a copy of my credit report?
- How do I know this is the best loan option with regards to how long I plan to stay in this home?
