Questions to ask in your loan search

Through the media and other sources you are taught to “shop around” for a mortgage to get the best rate and terms. However, there are an infinite amount of variables and factors to consider in a choosing the right loan. Throughout your loan search you may speak with individuals that are trying to give you information. Below are some questions to ask these individuals.

What is the average number of days it takes for you to issue a firm loan approval?

Are the rates you are quoting today good for today or 30, 45, 60 days from now?

What is the index on the adjustable rate you are quoting?

Can you give me a 24-month history on the movement of the index?

What is the margin associated with this loan?

Is this the best index to have? If so why?

What are the total fees associated with our loan?

What is the difference between points and an origination fee?

How will this loan affect my financial goals?

How do I know what loan best is with regard to how long I’ll be in the home?

Are you closing at least 100 loans a year?

How long have you been in the business?

Would you provide me a resume?

Can you provide the names of 5 past customers I can contact who have used your services?

What percent of loans you take on close?

What is APR? What is the APR on this program?

What closing costs does your company include in the APR figure?

Will you guarantee the rate and closing costs and put that in writing?Thank you for your interest in (mortgage company name) you’ve chosen one of the most respected mortgage company’s in the Midwest. We’ve built our strong reputation by providing the most competitive interest rates in the mortgage market and a dedication to first class service.

Robert RatimorszkyMortgage PlannerCell: 847-774-9657Email: ratimortgage@gmail.com