When it comes time for you to begin the process of purchasing a home, finding out as much information as you can about the options that are available to you is most often a top priority. At Primary Residential Mortgage, we understand how intimidating the mortgage process can be and we want you to know that we are here to help in any way that we can.
The following questions have been listed as the top questions to ask before you make any final decisions about who you are going to work with and what loan is best for your situation.
Which Loan is Best for Me?
The reason this question is so important to ask right away is not because you will need to know which loan is best for you at the beginning of the process, but because the answer will tell you a lot about the professional you may be choosing to work with.
If they immediately just spit out an answer, they most likely won’t be very helpful to you throughout the process. What you want is a professional who will tell you that they need more information to answer that question to the best of their abilities.
They should ask you questions about your current financial situation and future goals to get a better grasp of what you are looking for and what type of loan would work best for your situation.
Questions About Interest Rates?
Interest rates, while not the only important factor that will be associated with your mortgage, do impact the amount you will pay in the long run, so they are important to discuss with your Tacoma mortgage expert.
If you go with an adjustable mortgage rate, for example, you may want to discuss your options when it comes to how often your rate will be adjusted and what is the most your rate can increase by.
What are the Total Costs?
There are several fees and other additional costs that may be associated with the process of obtaining your mortgage. Like Primary Residential Mortgage, there are some full-service mortgage companies that offer to provide many of the services in-house for you, which can save you from paying a larger amount in fees to a bunch of different vendors.
What Time Frame Should I Expect Between Application and Funding?
More times than not, it is unrealistic to expect that all loans will be closed in a set amount of days. Every situation calls for a different set of procedures and circumstances that can all take a different amount of time.
It is realistic to expect that, once your mortgage professional understands your situation and you have begun working together on the loan option you feel most comfortable with, they should be able to give you a time frame and stick to it.
Of course, there are tons of other questions that you may feel you need to ask your Tacoma mortgage professional – or that they will need to ask you – but these four questions should help you with a place to start.
If you would like more information on any of the questions above or have your own questions that you would like to ask, give us a call today! We look forward to working with you!