Things you may want to ask your lender before making an offer:
You are making an offer on a home and are getting a loan. Here are some important things to ask a lender. You may want to read my related posts “what you may want to know about a property“, “what to ask your Realtor“, and “what you need to make an offer”
- How much am I approved for?
- What kind of loan should I get?
- How much should I (do I need to) put down?
- What are the closing costs for my loan at $XXX,XXX.00 purchase price?
- What is the monthly payment for this loan at $XXX,XXX.00 purchase price?
- How long will it take to close the loan? How long for a verifiable loan commitment?
- What is the application fee and will it be refunded at closing?
- What is the current interest rate for my loan type and what is a rate lock?
- What are discount points and how much do they cost?
- Since I’m buying a home at a very low price, what is the lowest loan amount you will give?
- What are the restrictions for condition on a property for my loan type?