What to Ask Your Lender before You Commit – 1st Florida Mortgage

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Before you commit to a lender, ask these 10 questions of your potential mortgage broker. If you don’t like the answers you receive, continue shopping for a loan until you find a mortgage broker/lender with whom you feel comfortable.. To provide you with accurate information, your mortgage loan officer needs to find out more about you.

You must commit to living in the home for at least 36 months. – Fannie Mae or Freddie mac: fannie mae and Freddie Mac are government-sponsored entities. They work with local lenders to offer mortgage.

And that will drive you nuts if you do it in reverse.” It’s tempting to look first and ask questions later, but Leo said that working out the details before. mortgage loan, but lenders also write.

Additionally, the lender needs to be sure that there are no major defects or needed repairs to the house before committing to lend on it. While the lender will not issue a mortgage commitment letter before the appraisal is completed, you can request a conditional loan approval to show the seller your progress toward financing.

Mary Theresa Rhodes Branch Manager / Loan Originator | NMLS #354036 Mt. Dora The Mortgage Firm Mortgage Professional Reviews The mortgage industry will look vastly different in 10yrs, and I would argue that it will probably be more like 3-5 years. “.I still run into Loan Officers every day that don’t buy it.

According to the Know Before You owe mortgage disclosure rule, your lender should provide you with the Loan Estimate and the Closing Disclosure to help you understand your fees. The rule also requires that you get three business days to review your Closing Disclosure and ask questions before you close on a mortgage.

Your lender may also require you to take out further insurance. You may have to demonstrate that you have enough life cover to repay the mortgage in the event of your death, or your lender may want you to consider contents insurance to protect your possessions. Ask your mortgage lender what insurances are available.

Many of the questions center around the scariest part of home buying: the mortgage. You and your mortgage are going to be together for a long time, so the more you know about it at the outset, the better. Here are some questions to ask a lender before you apply for a mortgage.

1st Florida Lending Corp., Before you Move Program! This is not a pre-qualification or pre-approval. But rather a fully underwritten loan approval in your hand and ready to go!. Florida’s Top Rated Mortgage Lender I We are Not Brokers.