Lender Questions

970-204-4509

You want a smooth, pleasant home buying experience.

You don't have to cross your fingers and simply hope that your home buying experience goes well. Experience tells us that it is a good idea to ask a few questions at the beginning of the transaction.

Useful questions to ask your Loan Officer:

Did your lender provide you with a written Good Faith Estimate?	After loan application, a lender or broker is required by law to give you a Good Faith Estimate within 3 days. A Good Faith is a preliminary estimate of the fees associated with closing your loan. The Good Faith Estimate is the basis for the final figures you will receive at closing.
Did your lender ask enough questions to provide you with a reliable interest rate quote?	There is nothing more frustrating than getting waist-deep in the loan process when you discover that the interest rate you were originally quoted has changed. Many variables influence your mortgage interest rate. A good loan officer spends time with you and asks questions in the initial interview.
Will your lender attend your closing?	This is something most homebuyers don't think about until closing day. You want your lender to be responsible and accountable for a successful transaction from start to finish. Therefore, it is important that the lender attend the closing (not just the title company).
Were you able to get a "Desktop Underwriting" pre-approval at the time of your loan application?	Desktop Underwriting is a new and exciting development in home lending. With it lenders have the ability to communicate directly to Freddie Mac & Fannie Mae. If you have not received a Desktop Underwriting pre-approval within a day, has your lender explained why?
How long has your individual Loan Officer been in the business?	Experience counts in the mortgage loan business. The scope of the industry is vast and laws are constantly changing. Homebuyers often neglect to ask this question until a stumbling block arises and the loan transaction becomes problematic. It is important that the lending company be reputable and that the individual Loan Officer is well educated in their business. To have the best mortgage loan experience possible, ask this question and choose a lender with experience.
Did your lender provide you with a range of loan options?	You can find both traditional and innovative mortgage loans — Make certain you get a customized credit solution tailored to your unique circumstances.

If your current lender cannot answer YES To the above questions, it may be advisable to get a second opinion. Don't simply cross your fingers. Call Pinnacle Mortgage for a quality loan experience.
970-204-4509 or email us at loans@pinnaclema.com