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Ready to Buy? Questions You Should Ask Mortgage Lenders
Buying a home is one of the biggest financial decisions you’ll make. It’s important to research not only what home is best for you, but what mortgage loan you should apply for as you begin the process. If you’re ready to buy a home, there are a few crucial questions you should discuss with your mortgage lender.
What loan options are available and relevant to your circumstances?
Look at all the loan options available to you. Be sure to ask the following questions:
- What is the interest rate? Is it fixed-rate or adjustable?
- What is the estimated monthly payment?
- What is your estimated down payment amount?
- Are there any additional fees or penalties, such as closing fees or prepayment penalties?
- Are there any other costs to consider, such as appraisal fees, credit fees, escrow, inspection fees, recording fees and taxes?
- Do you qualify for any special loan or payment programs, such as VA loans or FHA loans?
- Will you have to pay mortgage insurance?
Going over different loan options with your lender may uncover a loan you may not have considered – one that suits you best.
What does the home-buying process look like with each buyer?
After going over the specifics of your loan, ask your lender about their home-buying process – from a preapproval to closing. Every lender has a different way of doing things. Consider the following:
- When will they pull your credit score?
- Do you need to be prequalified as well as preapproved for a loan?
- What information will they need for a preapproval? What is the turnaround time for a preapproval answer?
- How quickly can you close?
- Where will your closing take place?
WesBanco mortgage lenders will answer most of these questions before you ask, but it’s good to know what to expect in the process.
Choosing the right lender leads to a more rewarding, and less stressful, home-buying experience. If you have questions about mortgage lending options available at WesBanco, click here, or call 800-905-9043.
Content is for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author.