5 Questions You Should Ask Your Loan Originator for a Smooth Mortgage Process

Estimated reading time: 2.5 minutes

When you’re applying for mortgage financing, your Loan Originator is your sidekick throughout the process! From application until post-closing, your Loan Originator will give you tips, tricks, and help you find the best home financing solution for your unique goals. Make the most of your time together and ask as many questions as you can. Let’s look at 5 questions you can ask and why their answers matter.

1. What Types of Loans Do You Offer?

Many people associate mortgage programs solely with conventional loans when thinking about a mortgage program, assuming borrowers need excellent credit and a 20% down payment to avoid private mortgage insurance. However, that isn’t your only option. Government-backed loans and specialty programs exist to help a wide variety of buyers. All mortgage programs have different credit score and down payment requirements. What worked for your parents or neighbors may not work for your financial goals and lifestyle. It’s best to ask your Loan Originator about what would work well with your goals.

2. What Interest Rates and Terms Are Available for My Loan Program?

Your interest rate is charged on top of the principal loan amount by your mortgage lender. Essentially, it’s the price you pay to borrow money. Your interest also directly impacts your affordability. Asking your lender about what rate terms and types are available will help you budget and plan accordingly, especially if you factor in your other monthly debts and ongoing costs.

3. What Documents Do I Need to Provide During Application?

The information you submit during the mortgage application will be examined and validated by your lender’s underwriting team. They want assurance that you have enough money to cover the costs associated with purchasing and owning a home. In general, your mortgage lender will look closely at your income, credit information, assets, and liabilities. However, some loan programs have different requirements and may need additional documentation.

4. Will I Be Updated on My Loan’s Progress?

Updates and milestones can help inform you, your Real Estate Agent, and Loan Originator about how your loan is moving through the process. Not only are updates exciting, but they can also show you important information about next steps that should be completed. Our mortgage app keeps your milestones all in one place so you can see when your loan reaches underwriting and processing in real time.

5. What is the Closing Process Like?

The time it takes to complete a mortgage closing can be difficult to predict because of all the moving parts. Without encountering delays, the process from application to closing can be as short as thirty days. However, common closing delays can be a low appraisal, lack of documentation, or large changes to your credit or finances.

Helping You Reach Home Sweet Home

No matter your needs, we have the experience and loan programs to make your home financing experience a breeze. Our Loan Originators are here to help you be confident and ready for homeownership! Ready to get started? Contact us today!