Financing

Financing is a crucial part of the home buying and selling process. In today's market place there is more competition than ever before for lending. The refinance boom forced a flood of new loan officers into the business that had little to no experience. Below you will find a list of questions you should ask any loan officer before deciding if they are a good fit for you.

10 Questions to Ask Your Lender

Be sure you find a loan that fits your needs with these comprehensive questions.

1. What are the most popular mortgage loans you make? Why?

2. Which type of mortgage plan do you think would best for us? Why?

3. Are your rates, terms, fees, and closing costs negotiable?

4. Will I have to buy private mortgage insurance? If so how much will it cost and how long will it be required? NOTE: Private mortgage insurance is usually required if you make less than a 20-percent down payment, but most lenders will let you discontinue the policy when you’ve acquired a certain amount of equity by paying down the loan.

5. Who will service the loan? Your bank or another company?

6. What escrow requirements do you have?

7. How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during this period?

8. How long will the loan approval process take?

9. How long will it take to close the loan?

10. Are there any charges or penalties for prepaying the loan?

Used with permission from Real Estate Checklists & Systems, www.realestatechecklists.com.

The Hernandez Home Team  recommends calling at least 3 lenders before making a final decision. Many of our past clients have had success with the following 3 loan officers:

Nancy Williams
Gershman Mortgage
Cell:618-410-4629

Deb Higgins ~ Market Street Mortgage: 618-467-5626
Barry Case ~ The Bank of Edwardsville: 618-977-3386