Second opinions on the largest transaction of your life are always a good thing; it could potentially end up saving you thousands of dollars over the life of the loan. Once you decide to end up moving forward on a home of your choosing I would love the opportunity to provide you a total cost analysis so I can help you make an informed decision.
I always ask my clients to ask the following questions when shopping for a current lender. I also provided you with some thoughts to keep in mind regarding the questions.
- How will the loan I have asked for a rate quote impact my financial goals?
Most loan officers have no clue what a buyers financial goals are and therefore , cannot answer this question intelligently.
- What are mortgage rates based on?
If a loan officer does not know answer this do not work with them. Rates are based on MORTGAGE BACKED SECURITIES or Bonds, not Treasury Notes.
- What are the total fees associated with this product and rate?
Remember, points, origination fee, etc. all affect the quoted interest rate. Rate quotes can always be, and most often are apples and oranges instead of apples and apples.
- What are the market movements on rates today?
If a loan officer does not have the ability to show you what is happening with rates, bonds, etc. in a real time fashion, there is no value in discussing interest rates.
- What percentage of loans you take close on time?
Verify and Validate: A competent loan officer should be able to show you a report to verify their numbers.
- Can you provide the name of 3 buyers I can contact who have used you in the last 30-day? Do their customers speak highly of them and would they refer them