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ArticlesShopping Lenders? Top 10 Questions1. How long have you been in business? (More than two years.) 2. Can you provide me with the contact information of at least 3 of your past purchase clients from the recent 2 months? (Remember you are interviewing them. Do your homework!) 3. Are you a mortgage banker or a mortgage broker? (Depending on the situation, mortgage brokers tend to have more fees and higher rates than mortgage bankers.) 4. Do you have your license to originate mortgages? (go to: http://eservices.psiexams.com/crec/search.jsp and search by name) 5. Are there any upfront fees to work with you, such as application fees? Credit report fees? Appraisal fees? (It is important that you’re satisfied with your mortgage consultant before paying up-front fees and that you understand the reason for their upfront fees. The only fee you should expect to pay upfront is the appraisal fee. Find out how/if the money is reimbursed to you if you de-cided not to work with them.) 6. How long will it take to complete the loan process? (It should take 2-6 weeks, depending on your situation. The average is 3 weeks. If the candidate says it’ll only take a couple of days—or more than two months—this should raise a red flag.) 7. How many loan products do you have access to? (The more the better, of course.) 8. When will I receive a good faith estimate? (It is required by RESPA that a good faith estimate be sent to you no more than 3 days after applying for a mortgage.) 9. Will you stand by your good faith estimate? (the good fait estimate is nothing more than “an estimate” and can be used as the common bait and switch tactic. Your mortgage consultant can not control fees such as title fees, HOA fees, home insurance, taxes, but they do have control/knowledge of many other fees such as the origination fee, underwriting, processing, appraisal, etc. Make them stand by the fees they can control.) 10. What will my TOTAL house payment be—including principal, interest, taxes, home insurance and mortgage insurance? (It is important that the monthly payment amount you receive from your mortgage consultant include everything. It is common for mortgage consultants to quote you a monthly payment of $x and it to only include the loan principal and interest.) For more information, please contact a Limetree Lending Group mortgage consultant.
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