HOME OWNERSHIP
Yes, friends, we are taking the plunge.
Step 1 - Interviewing Mortgage Lenders
We have chosen 3 lenders to interview about their process: a mortgage broker, a credit union, and our bank. My loving and always-prepared mother sent me a list of questions to ask each lender.
- Tell me about your process for pre-qualification and pre-approval? How long does it typically take? What type of information do I need to provide? How long is the letter good for and what if we don't find a house in that amount of time?
- Tell me about your process for closing on a home? How long does it typically take? What are the fees associated with it?
- What are the current interest rates? What factors influence the rate I will get?
- How much does the down payment need to be to avoid mortgage insurance? What does mortgage insurance typically run?
- What companies do you work with for titling? Are their associated fees for that?
- What other fees can I expect to pay in this process? Lender fees, application fees, appraisal fees, escrow, etc.
- Do you service the loans in house or sell to a 3rd party?
Wish us luck!!!! I'll keep you posted as the process moves along.
Wow, that is awesome! When we bought our house out there we didn't go through all those steps of interviewing, so you are MUCH more prepared!! :) Best of luck, it's always so fun finding a new home!
ReplyDeletei'm so excited for you guys! you're totally prepared. now comes the fun part of looking at houses-- i love it! :)
ReplyDeleteObviously I'll need to talk to your mom when we take the plunge... which will be in a very very long time! I'm so excited for you two!!
ReplyDelete