The FOCUS on NoVA Real Estate team goes over questions you should ask when interviewing a mortgage lender.
When it comes to choosing a lender you do need to do your homework. Though their job of getting you financing at a fantastic rate for your dream home is their main job making sure they can do it on time is critical.
Here are three things that you want to be asking when you are interviewing a potential lender.
First, make sure they are educating you on all of your different loan options. A lot of people have heard of the conventional, FHA, or a VA loan options but there are other programs out there that you want to make sure your lender is letting you know about.
Second, you want to ask the lender about their availability and communication style? When you are out looking at homes and you decide to put in an offer you want to make sure that they’re going to be available to get you your pre-approval letter in time for you to put together with your offer package. You also want to make sure that they’re available to your real estate agent for any last-minute or urgent questions.
Lastly, you want to ask them about their underwriting process and
if they guarantee closing on time. When it comes to the underwriting process ask if their underwriter is local or if they are in-house.
These are some of questions you want to ask your lender when you are going through the process upfront before you find the home because you want to be in the best possible position when writing an offer and actually closing on time.
If you have any questions about Northern Virginia real estate, reach out as we are happy to help.
