{"id":13695,"date":"2020-07-08T15:57:04","date_gmt":"2020-07-08T21:57:04","guid":{"rendered":"https:\/\/www.richmondamerican.com\/blog\/?p=13695"},"modified":"2024-01-04T14:54:48","modified_gmt":"2024-01-04T21:54:48","slug":"5-questions-to-ask-when-youre-choosing-a-mortgage-lender","status":"publish","type":"post","link":"https:\/\/www.richmondamerican.com\/blog\/5-questions-to-ask-when-youre-choosing-a-mortgage-lender\/","title":{"rendered":"5 Questions to Ask When You\u2019re Choosing a Mortgage Lender"},"content":{"rendered":"\n<p>Before you\u2019re\nhanded the keys to your dream home, you\u2019ll have to pick a mortgage lender to\nhelp with your homebuying journey. But how do you find the right one? Here are five\nkey questions that can help you narrow down your lender options and choose the\none that makes your homebuying process as smooth as possible. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What\nare my loan options?<\/strong><\/h3>\n\n\n\n<p>A good mortgage lender won\u2019t simply\nlist off all the various types of loans, they\u2019ll help you determine which loan\nworks best for you personally. If a lender claims they have the right loan for\nyou without asking about your financial situation, credit score and ideal down\npayment, keep looking: you want a lender that lists the pros and cons of\noptions in relation to <em>your<\/em> specific\nneeds. <\/p>\n\n\n\n<p><a href=\"https:\/\/www.richmondamerican.com\/mortgage\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Check out our free guide for more information on mortgages.<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What\nis the interest rate and annual percentage rate?<\/strong><\/h3>\n\n\n\n<p>Ask potential lenders for interest\nrate and annual percentage rate (APR) quotes. While your interest rate will be\ndetermined by a range of factors, including your credit score and the size of\nyour potential down payment, the APR will give you some insight into the full\ncost of your loan. Because the APR includes both the interest rate <em>and<\/em> the fees a lender charges to\noriginate the loan, this will give a number you can directly compare to\ncompetitor rates. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Can\nI lock my interest rate? <\/strong><\/h3>\n\n\n\n<p>A rate lock is a guarantee from your\nlender that your mortgage interest rate will stay the same for a specific\nperiod of time, even if rates fluctuate throughout the industry. If you\u2019re\ninterested in locking your interest rate, ask potential lenders about this\npossibility up front. Also, ask if there is a fee for locking the rate, and if\nthe lock protects all loan costs. Is there a \u201cfloat-down\u201d clause that will let\nyou apply for a lower rate if rates fall during your lock period? Rate locks\ncan be very helpful during the homebuying process, and it\u2019s a good idea to get\nas much detail as possible on how a given lender handles them. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Can\nyou give me an estimate of closing costs?<\/strong><\/h3>\n\n\n\n<p>Ask prospective\nlenders about the average closing costs in your state, and which fees and\ninspections are legally required, which are optional, and which you can choose\nfor yourself. Closing costs can include appraisal fees, origination fees,\nattorney fees, title insurance and more, and it\u2019s good to have a handle on them\nbefore you embark on the homebuying process. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What is your closing timeline?<\/strong><\/h3>\n\n\n\n<p>Make sure the lender\u2019s timelines line up with your homebuying goals. You\u2019ll have to include a closing date when you purchase your new home, so it\u2019s good to know ahead of time how long a lender takes to process a loan. Also, find out about any potential obstacles\u2014you can face extra costs and issues if your lender can\u2019t complete your loan in time. <\/p>\n\n\n\n<p>Are you currently looking for a lender? Be sure to check out our affiliate partner, <a href=\"http:\/\/www.homeamericanmortgage.com\/\">HomeAmerican Mortgage<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before you\u2019re handed the keys to your dream home, you\u2019ll have to pick a mortgage lender to help with your homebuying journey. But how do you find the right one? Here are five key questions that can help you narrow down your lender options and choose the one that makes your homebuying process as smooth [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13700,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[4],"tags":[380,155],"featured_image_src":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2020\/07\/5-Questions-to-Ask.jpg","author_info":{"display_name":"rahblogadmin","author_link":"https:\/\/www.richmondamerican.com\/blog\/author\/rahblogadmin\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>5 Questions to Ask When You\u2019re Choosing a Mortgage Lender<\/title>\r\n<meta name=\"description\" content=\"Don\u2019t be daunted when it comes to choosing a 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