4 Simple Questions To Ask Your Lender

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!

About RaleighCary

George Wilson is owner and Broker in Charge of Raleigh Cary Realty, an independent Real Estate firm headquartered in Cary , North Carolina. "In 2008, I was working for a big national Real Estate company. A client of mine who I'd just helped purchase a home two months before got laid off from his job and wanted to quickly list her home. When I charged the client less to help her out, the firm was very upset with my decision. I opened Raleigh Cary Realty shortly thereafter, with a vision that we'd always have the flexibility to do the right thing for our clients, no matter what." -George Wilson

Comments

  1. 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.

  2. an inciteful article, thanks!

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