What Questions Should You Be Asking Lenders Before You Apply for a New Mortgage?
New Mortgage
Buying a new home can be very exciting, but there’s a lot that you need to know beforehand in order to make the process go smoother.
These are some of the questions you should be asking lenders before you apply for a new mortgage.
What’s the Minimum Credit Score I Need?
Before you apply for a new mortgage to buy a home, you need to make sure that your credit score is as high as possible.
Most lenders require a score of at least 620. Some lenders may allow a lower score or require a higher one depending on various circumstances.
If you let your lender know what your score is before you apply, they may be able to tell you whether or not they think that you’ll be approved for a loan to buy a home.
Can I Qualify for More Than One Loan?
Many individuals can qualify for more than one loan. However, not all lenders will offer a wide variety of different products.
This is why it’s a good idea to ask lenders if you can qualify for more than one before applying.
By qualifying for more than one loan, you will be able to pick the best option for you and not be forced to choose a loan because it was the only option available to you at the time.
What Documents Will You Need From Me?
The majority of lenders will require quite a few documents from potential borrowers.
Unfortunately, many individuals aren’t prepared for this, and they end up inadvertently delaying the process because they don’t readily have access to these documents.
You can keep this from happening by asking lenders what documents they need from you before you apply.
How Long Will It Take to be Approved?
The approval process can take some time. However, lenders may be able to give you a general idea as to how long they think it will take based on their experiences with previous applicants.
This is also a great time to ask them any questions you have about the approval process.
Getting a mortgage can seem like a difficult and complicated process. However, your lender is there to answer your questions.
By being informed as much as possible about what goes into getting a new mortgage, you will alleviate a lot of stress.
You shouldn’t be afraid to ask lenders, like those at AJM Mortgage Inc, any of the questions that you have as they fully expect applicants to have a lot of questions about how the process works.
Category: Housing
