Finding your dream house is only the beginning of your home-owning journey. Finding reliable Charlotte NC mortgage lenders; that’s the fun part! Have you ever wondered what questions you should ask as you’re looking for a mortgage lender? If you haven’t given much thought to this, you should. Finding a home is fun and exciting, but choosing the right lender can be a daunting task. Knowing which questions to ask a prospective lender can make all the difference in your loan procurement process and can have long-lasting ramifications.
Questions to Ask a Lender
When you visit a lender, what questions will you ask? You probably worry that if you come across as having no idea about how the lending process works, you might get taken advantage of. Unfortunately, we can’t provide you any comfort here. AmeriSouth Mortgage Company has been operating in the Carolinas since 1990, and we’ve established our reputation for being honest, fair, and doing good business. Unfortunately, most lenders are sharks, and if they smell fresh meat, they will go into a frenzy.
You’ve probably heard from your family and friends that you should ask about the rates and the closing cost. Of course, these are fundamental questions for you to ask. Other questions are more important. For example, you should be sure to ask about the different loan programs that you qualify for.
Another question to ask is, “how much experience do you have?” The reason why this is important is that the lender is going to be asking the borrower some questions – questions about your income, your assets, and so forth. An experienced lender will know the ins and outs of all the different loan programs, ways to waive fees, get you lower rates, cut costs, and customize a loan product that’s perfect for you based on the information you provide them.
When to Start Looking for a Lender
Think about it; people often spend months searching for their dream home, but they don’t take the time to find the right mortgage lender. Finding a lender almost seems like an afterthought to such people. So when’s the best time to start looking for a lender?
Honestly, the sooner you find a lender, the better. Imagine spending all that time to find your dream home only to find out you don’t qualify for a mortgage loan. Be prepared! Whether it’s your first time buying a home or your fourth time, you should speak to a lender immediately. Lending guidelines and home loan programs are always changing, so make sure you have an end plan and be informed! Being pre-approved and knowing what you can afford will help you narrow your choices and have an edge.
Don’t Go to Your Bank for Your Mortgage
A lot of people naturally turn to their banks to get a mortgage loan. The obvious thought is, “I already have an account here. I like my bank, so I’m just gonna get a mortgage there.” Be cautious! This isn’t always the right decision. Not all banks offer the same grants for first-time home buyers. Many banks don’t offer construction lending. Still, many do not offer portfolio lending or all of the various mortgage loan programs. Further, at many banks, the rate posted is not the rate you will end up paying. AmeriSouth Mortgage Company has a wider variety of loan products than other Charlotte NC mortgage lenders.