If you’re a homebuyer, here are the questions you need to be asking your lender.
If you’re in the process of buying a home, what questions should you be asking your lender?
There are many different things you could ask a lender, but you have to understand that not all lenders are created equal. While some may perform on time, others might run into challenges. Ultimately, these are the questions you really need to ask so that you don’t run into any challenges yourself:
What am I going to pay in regard to any points or fees?
Will you close on time?
Will there be a prepayment penalty if I pay the loan off sooner rather than later?
Is my loan a fixed loan or do you offer variable mortgage rates?
If you offer variable mortgage rates, how long will my rate be locked in?
Regarding that last question, you need to understand that your APR rate is more important than your interest rate because that number is the one that encompasses all the loan fees you’ll have to pay.
"Your APR rate is more important than your interest rate.”
You should also have a reliable real estate agent at your side who understands the loan process while you’re going back and forth with your lender, as they can act as a third party to oversee everything for you.
If you have any other questions about what you should ask a lender during the home-buying process, don’t hesitate to reach out to me. I’d be happy to help you.
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Merry Christmas from the Greetings Virginia Sales Network. We wish you a happy holiday and hope that your season is bright.
May you share happy memories, laughter and kind cheer with your loved ones on this Christmas. We wish you love, peace, and may God’s love fill your home with blessings too. Happy Holidays!
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Today I have a special invitation to extend to you. To thank you for being a part of my world, I want to invite you to my 6th Annual Toys for Tots event on December 1. As you may know, for this event I offer to buy you a Christmas tree or a wreath in exchange for an unwrapped toy that we donate to Toys for Tots. To find out more details about this year’s festivities and learn how you can RSVP, watch this short video.