Throughout the process of financing your home, the loan officer you choose will have plenty of questions to ask you. Correspondingly, you should also have a list of questions to ask your loan officer. While your loan officer may be getting a lot of information out of your answers, it’s smart for you to learn just as much about the steps you will be taking. Read what questions are imperative to ask your loan officer before you begin the process to fund your home.
How long will it take for my loan to close?
It’s best to get this question out of the way before any of the others. With this intention, being on the same page when it comes to a set timeline is crucial. Knowing this answer will likely prevent any miscommunication about deadlines and help save you valuable time. The quicker you provide the appropriate paperwork, the quicker your loan officer is able to review it and sign off on it. With that being said, find out what paperwork you need beforehand. This will speed up your loan process and help you make your deadline. If you have a certain target date in mind, set the closing date a couple weeks back. This makes it so that if something comes up, it is still okay for your deadline to be lengthened.
What are the qualifying guidelines for this loan?
Although this question seems like an obvious one, it needs to be seen as a fundamental one as well. Spend a good amount of time discussing this particular question with your loan officer. Qualifying for a loan seems simple on paper but be sure to find out every detail there is about the loan you are looking to qualify for. This is smart to do because every loan has different guidelines that must be met in order to qualify. Understand just how much you can afford and calculate your new home’s monthly payments into your budget so you will swiftly know if you qualify.
Is my loan officer licensed?
It goes without saying, this is an essential question as well. With so much at stake, you should completely trust the person who is helping you fund your home. A licensed loan officer must pass a national exam, criminal background check, and credit report. Not to mention, every loan officer must renew their license regularly. Working with someone who is professional and informative will allow you to take some stress off.
As a result of these three questions, you will be much more informed about your loan process. The more knowledgeable you both are, the quicker you will be able to close your loan. See today’s best-execution mortgage rates!