There are a few key factors for a great home buying experience. One of them is to make sure you have an experienced, professional loan officer. Do you think it is important to have someone who is highly reputable, responsible and knowledgeable guiding you through one of the largest financial transactions in your life?
Here are 4 simple questions to ask your lender when you are shopping around.
1 – What are mortgage interest rates based on?
2 – What is the next Economic Report or event that could cause mortgage interest rates to change?
3 – When Bernanke and the Fed “change rates”, what does this mean?… and what impact does this have on mortgage interest rates?
4 – Do you have access to live, real-time mortgage bond quotes?
Be Smart! Ask Questions! Get answers! Your lender MUST be able to answer all of these questions correctly. If not, run – don’t walk – to a lender that does!
Email me for a cheat-sheet to grill your potential lenders!
Here are a couple more questions:
1) When do you lock in the interest rate? Is there a charge to lock it in? How long is the lock in? (number of days)
2) What happens if rates go down, after you are locked in? Can you get the lower rate.
I am a Realtor in S. California.
an inciteful article, thanks!