Quick Answer: Questions to ask a mortgage consultant?

  1. How much can I borrow to buy a home?
  2. How much money do I need to put down?
  3. What’s the interest rate?
  4. What’s the difference between a fixed-rate and an adjustable-rate mortgage?
  5. How many points does the rate include?
  6. When can I lock in the interest rate?

What questions should I ask a mortgage advisor?

  1. Are you a regulated broker?
  2. How much do you charge?
  3. How much can I borrow?
  4. How much deposit will I need?
  5. What type of mortgage would be best for me?

What should I ask a mortgage specialist?

  1. Which Lender is Best For my Financial Situation?
  2. What Interest Rate Will I Qualify For?
  3. Is There an Origination Fees?
  4. What Are The “Hidden Costs”?
  5. Can You Provide me With a Loan Estimate?
  6. How Large Should my Down Payment be?
  7. Is a Fixed Rate The Best Option For Me?

What are the most common mortgage questions?

  1. Do I need great credit to get a mortgage?
  2. How much of a down payment do I need?
  3. What are closing costs, and how much should I expect them to be?
  4. Should I choose a fixed-rate or an adjustable-rate mortgage?
  5. Should I “lock” my interest rate?
  6. What type of mortgage is best for me?
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What questions should I ask a loan officer?

  1. Which type of mortgage is best for me?
  2. How much down payment will I need?
  3. Do I qualify for any down payment assistance programs?
  4. What is my interest rate?
  5. What is the annual percentage rate?
  6. Are you doing a hard credit check on me today?

When should I speak to a mortgage advisor?

When will I have enough saved to make my application? It’s a great idea to meet with a mortgage advisor when you’re in the process of saving. They can let you know if you’re saving enough per month, and if you have enough left over at the end of each month too.

What should a first time buyer ask a mortgage advisor?

You should ask the estate agent whether there are any more offers on the table; how long the property has been on the market for; and what the sellers’ current position is. All of these questions can help you work out how likely it is they will drop the price.

What do you say when contacting a mortgage broker?

While the bulk of your conversation will be about the interest rate and payment plan, be sure to ask your lender about what other charges they will incur. Ask directly: “In addition to my interest rate and monthly payment, what other fees am I responsible for?” Ask them to break down these fees and their purpose.

How do I fire a mortgage broker?

If you need to cancel a pending mortgage application, call your loan officer or broker immediately. In most cases, you have a three-day window to cancel the application and recover any paid fees. Tell the lender you want to cancel the pending application and provide a reason.

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What should you not say to a mortgage lender?

  1. 1) Anything Untruthful.
  2. 2) What’s the most I can borrow?
  3. 3) I forgot to pay that bill again.
  4. 4) Check out my new credit cards!
  5. 5) Which credit card ISN’T maxed out?
  6. 6) Changing jobs annually is my specialty.
  7. 7) This salary job isn’t for me, I’m going to commission-based.

Can a mortgage lender really ask that?

Lenders are not permitted to ask any questions that would discourage an applicant. Further, government regulations prevent mortgage lenders from denying loans based on race, color, religion, national origin, sex, marital status, age, or because you receive public assistance.

What do points mean on a mortgage?

Points, also known as discount points, lower your interest rate in exchange paying for an upfront fee. Lender credits lower your closing costs in exchange for accepting a higher interest rate. These terms can sometimes be used to mean other things. “Points” is a term that mortgage lenders have used for many years.

Does Dave Ramsey approve of mortgage?

A: Dave Ramsey recommends a 15-year, fixed-rate conventional loan. A conventional loan is not secured by a government agency, making it a little trickier to qualify if you don’t have a credit score. … We do have other no score loan options ranging including but not limited to FHA and VA.

What is a good origination fee?

Average loan origination fees may range from 1% to6%, while some may go as high as 8%. They may vary based on your credit score and the duration of the loan. A typical loan origination fee for a mortgage ranges from . 5% – 1% of the loan.

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How do you know if you have a bad lender?

  1. Says It’s Okay to Fudge Some Numbers.
  2. Pressures You into a Bigger Loan.
  3. Doesn’t Consider Your Monthly Income.
  4. Doesn’t Disclose Documents.
  5. Promises One Thing, Delivers Another.
  6. Says It’s Okay to Leave or Sign Blank Forms.
  7. Doesn’t Provide Copies.
  8. Always Ask Questions or You Could Get a Bad Loan.

Which formula should be used to correctly calculate the monthly mortgage payment?

Use the formula P= L[c (1 + c)n] / [(1+c)n – 1] to calculate your monthly fixed-rate mortgage payments. In this formula, “P” equals the monthly mortgage payment.

Is it free to speak to a mortgage advisor?

Mortgage brokers might charge you for their service depending on the product you choose or the value of the mortgage. Others will be free to you but they’ll receive commission from the lender. … You should also be told if an adviser is paid commission.

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