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14 General Questions To Ask All Lenders

Have any lending questions or other real estate questions? Contact Bruce bruce@brucewebb.com www.brucewebb.com (734) 392-6021

Posted Mon, May 20, 2013 at 5:11 pm ET|Updated Mon, May 20, 2013 at 9:27 pm ET

1) Based on our situation, what looks to be the best program for us? Why?

2) What is the projected time for processing and closing a loan?

3) If PMI (Private Mortgage Insurance) is required, when and how does it go away?

4) What about your...Rates- Terms- Fees... are they all negotiable?

5) What standard underwriting guidelines do you follow? Are there any special underwriting guidelines?

6) What is your most popular loan program? Why?

7) Who services your loans?

8) Six months to a year from now, what will make this loan look good/bad to most borrowers?

9) What are your standard and special fees?

10) What, if any, escrow requirements exist?

11) What if rates go down during the "lock-in" period?

12) Who is our contact person after application for progress reports?

13) What do you need from us to get our loan approved?

14) Do you have any concerns about our ability to get a quick loan approval?

Bruce Webb, Associate Broker, Coldwell Banker Preferred

(734) 392-6021