Top 10 Questions to Ask Your Lender

Working with a lender, when done right, is the beginning of a life long relationship. Your personal story has to be a part of the puzzle that a lender should care about if they are truly looking out for your best interest. Buying real estate can set you up for accumulating generational wealth, but there are many aspects to this that should not be overlooked. There is a benefit to having a professional lender at your beacon call, to help you navigate through the maze of homeownership. Where it is your first home, a move up situation, or you are an experienced home owner looking to purchase your next investment property here is a list of questions that can put you on the right path to making a solid and confident financing decision.

  • What is your interest rate?
  • What types of mortgage products do you offer, and how do help me select the most suitable product for my borrowing risk?
  • Can you explain the difference between fixed-rate and adjustable-rate mortgage payment and how do you help me select the right repayment strategy?
  • What is your process to determine what is available to me when approving me for a loan?
  • How do you determine the right amount for me to borrow and does that affect the interest rate for my mortgage loan?
  • What fees and closing costs should a borrower expect when obtaining a mortgage?
  • Do you offer any resources or tools to me better understand the mortgage process and make smart borrowing decisions?
  • How do you ensure that I fully understand the terms of their mortgage loan when I borrow/repay to better manage by borrowing?
  • How do you keep me informed about rate changes over time to minimize my cost of home ownership?
  • What references or examples of past successful borrowers can you share?
  • Bonus Question: What else am I forgetting to ask that you suggest I should know?

StreicherTeam, with over 30 years experience helping over 2,500 home owners, is here to help you too. Let’s go on this journey together.