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Questions You Should Ask Your Lender Before Working with Them

If you’ve been considering working with a new lender to help purchase or refinance your home, it’s essential to ask questions to make sure that you can work with them. Unfortunately, it can be easy to forget about the little things that could be significant problems later on. That’s why we compiled this list of five questions every borrower should ask before working with a new lender.

What Experience Do You Have in the Business?

If your lender is brand new, you probably want to keep looking until you find someone with experience. The law requires all lenders to post their credentials at their business location and on their website. They should be able to provide references from recent borrowers as well.

Will I be Working Directly with the Lender?

Every lender will have a different process for how they handle this. Some lenders like to do everything themselves, but others prefer to assign all of the work to their staff members so that they don’t have to deal with any potential issues later on.

How Long Does Final Approval Take?

Everyone has their own process for this, but you should know what to expect for Coastal Virginia real estate. For example, some lenders require all of the paperwork from a borrower and then get back to them in just a few business days, while others take longer than that due to their internal processes.

In addition, a lot of things can come up with your loan application, so it’s essential to have some time built into your schedule for potential delays or issues that could arise during the lending process.

What Kinds of Lending Programs Do You Have?

Some lenders have very few options available to borrowers, while others offer a variety of loan programs. Some borrowers may also only be eligible for specific loan programs, so make sure that you’re asking about the right ones.

The lender should also be open to providing you different options and working with you to find the best lending program for you and your situation.

What is Your Customer Service Process?

Do you know how a lender’s customer service process can affect your life for years? It can be the difference between dealing with a stressful situation and having peace of mind. If you want to know more about how customer service can affect your life, it’s worth asking questions like:

  • What is the process for collecting payment from me?
  • Should I have any problems paying my mortgage?
  • What if I need to make a claim on my mortgage?
  • How will I be notified of changes in my monthly mortgage payment?

These are all critical questions to ask before making an agreement with your lender.

Wrap Up

The more questions you ask your lender before starting the mortgage process, the more comfortable you’ll be with the decision to start working with them. Just remember that asking questions is the only way to ensure you won’t run into any problems later on down the line.

We hope these five questions help make your mortgage process more manageable and less stressful when looking for a Coastal VA lender. If you have any questions, please reach out to us at Bubba Hutchison.

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