Questions For a Mortgage Lender

When you’re attempting to find the right lender that will provide you with a home loan, it’s becoming increasingly popular to retain the services of a mortgage broker to find the best rates for your situation. The primary advantage of a broker is that they have the experience necessary to find the optimal deal among a variety of lenders to ensure that your mortgage is a sound one. When searching for the Las Vegas mortgage brokers, there are several questions that you will want to ask to make sure that you’ve selected the right broker.

What is the Extent of Your Experience?

One of the first questions to ask a mortgage broker is what kind of experience they have. When you’re making such a large investment for a new home, it’s important that you have a mortgage broker by your side that knows everything there is to know about the lending process and what it entails. Make sure that you get references and inquire about how long they’ve been in the business. It’s also important that they can answer all your questions with ease. If they don’t seem confident when providing you with an answer, it’s likely that they’re not.

Do You Provide Rate Locks and How Are They Handled?

If you want a certain interest rate on your mortgage by a specific date, you may ask your broker to lock the rate* that you want, but there are times when the broker will tell you that they’ve locked the interest rate while attempting to see if it falls lower so that they can earn more money on the deal without telling you about the lower interest rate. As such, it’s important to ascertain how your mortgage broker handles rate locks and if they even provide them. (Read about the reasons you should consider refinancing.)

Do I Qualify For a Mortgage With My Current Credit?

Make sure that you immediately notify your prospective mortgage broker about your current credit, even if it’s not a high score so that you can shop for homes you can afford.. A mortgage broker will be able to find a loan that’s tailored to your specific situation.