What to ask your lender before making a decision who to go with.

This is very important! I encourage all buyers or sellers doing a refinance to talk to at least a few lenders before running your credit or making a decision. Be sure they have time for your loan, or have an assistant. You want to feel comfortable with them and know they will take care of you. After all this is the most important investment of your life! Here are some questions to ask.

1. How long have you been doing loans?
2. Do you have an assistant?
3. Can I reach you if I have an important question?
4. What type of loans do you offer?
5. Who will service my loan, your company or another?
6. What are your fees? How does that work?  Are they negotiable?
7. What do you need from me?
8.  How long will the loan approval process take?
9. What can I do to speed up this process?
10.  How long will it take to close the loan?
11. Is there a prepayment penalty for prepaying the loan?
12. When we lock in my interest rate, how long is this for? What happens if we need more time? Is there an extra cost for this?