Top questions to ask a lender when looking for a Wisconsin mortgage.

Hi, I am Ron Meyer a mortgage loan consultant with GSF Mortgage.

Today, I’m going to talk a little about how to find the best lender for your mortgage.

The first thing to do even before you begin to look at homes is to get preapproved for a mortgage and find a lender.
Here are the top questions you’ll want to ask when interviewing a loan officer to make sure they can meet the needs of you & your family.
1. First, ask How long have you been in the mortgage business?
Be wary of newbies. Anybody with less than three years of experience could cause you extra anxiety and possibly a declined loan due to not knowing the underwriting guidelines.
2. Ask Why is this loan the best one for me?
This question is a great way to gauge how knowledgeable the loan officer is on all types of loans. If they are not able to provide you with a detailed answer, it could mean that they are not considering the best possible loan option for you or have not considered all the alternatives.
3. Should I pay closing costs or take a higher rate with less costs?
If you have an idea of how long you plan on being in your new house, your loan officer should be able to run a break even analysis to find out if you should take a low interest rate and pay closing costs or a higher interest rate with little or no closing cost.
4. What hours are you available?
You should want someone who will work as many hours as it takes to get your loan done, not someone who is content with only working nine to five. The more time your loan officer is available, the quicker you will be able to sign.
5. Do you have your own loan processor? Some lenders originate and process their own loans. This can delay the process if they have a lot of loans to get closed. The busier they are, the slower each one will be. It’s much more efficient if your lender has a processor to assist.
6. What is your underwriting turnaround time? Ask the loan officer how long it will take for their underwriter to look at your paperwork to determine what else is needed to get your loan closed. 72 hours is pretty standard. I have heard of lenders taking 30 days to look at files. Find out first!
7. How do you keep me informed how things are going during the underwriting process and what is needed? Your lender should have a system in place to keep everyone involved in the process up to date and when items are needed.

If you liked this information or found it helpful, please email it, forward it, or share it with others who might like it.