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By Maggie Tomasek
As the old saying goes, you don’t know what you don’t know. When it’s comes time to buy your home, you’re going to have a ton of mortgage questions.
Once you’ve shopped around for mortgage rate quotes, you’re ready to take the next step and get prequalified or preapproved. While you can do a lot of online research, one of the best ways to help you choose a mortgage lender and work your way through the entire homebuying process is to actually speak to your mortgage loan officer or mortgage broker.
So, what questions do you ask your mortgage lender? We consulted with Alliant’s mortgage experts to put together this list of mortgage questions for each step of your homebuying journey.
This likely is one of the largest financial decisions you’ll make, so while interest rates and costs are important, they shouldn’t be the only factor in deciding on a mortgage lender.
Once you have spoken to the mortgage lender, do a Google search to learn more about the loan officer and the organization. Think about whether the conversation felt right and if you felt comfortable speaking to them. Did they answer all of your mortgage questions? Did they push you to make a decision to apply before you felt ready and well-informed?
The application and underwriting processes can be nerve-racking, and one way to help make them less stressful is to ask tons of questions so you know exactly what to expect. Ask your mortgage officer about their specific process to ensure a timely and smooth closing.
You’re almost in your dream home, so now it’s about the fine details to wrap up closing and ask a few final but vital mortgage questions.
Maggie Tomasek is the PR & Content Strategist at Alliant. She began her career as a journalist for newspapers in Utica, N.Y., Des Moines and Cincinnati before moving to Chicago in 2009. Maggie is an eight-time Chicago Marathon finisher and a lifelong creative writer with a passion for comedy. Her mom instilled in her a great sense of fiscal responsibility, and her big sister told her to throw that responsibility out the window every once in a while in the name of life experience. So far, that combination of financial advice has worked out pretty well for her.