3 Ultimate Questions to Ask Your Potential Loan Officer
Fast AF Summary
- How can you get me a competitive rate?
- How long are your closing timelines on average?
- What documents do you need from me to issue a preapproval?
Find the Best of the Best
Questions that will help you find the best loan officer for you
When you’re ready to buy a home, one of the most important decisions you’ll make is choosing the right lender to help you secure financing. As a real estate company, the Zac Folsom Group has extensive experience working with lenders in the Kalamazoo, Michigan area and can provide recommendations for trusted lenders to help you find the right financing options for your needs.
When working with a lender, it’s essential to ask the right questions to ensure that they’re a good fit for your needs. Here are three crucial questions that the Zac Folsom Group recommends asking your lender prior to working with them:
1. How can you get me a competitive rate?
finding a lender who can help you secure a competitive rate is crucial when buying a home. When asking this question, it’s important to hear that the lender is going to shop around with different banks and find ones that offer low closing costs or interest rates. A reputable lender should also have the ability to lock your rate in throughout the process, protecting you from rate increases, and should have a firm understanding of the trajectory of rates.
The Zac Folsom Group recommends that homebuyers ask their lender about their experience in securing competitive rates and the different loan products available to them. By working with a lender who has the expertise and experience necessary, you can feel confident that you’re getting the best rate possible on your mortgage.
In addition to securing a competitive rate, a good lender should also be transparent about the costs associated with the loan. Ask your lender about any fees or closing costs associated with the loan and how they can help you save money.
Overall, securing a competitive rate on your mortgage is crucial to achieving your dream of homeownership. If you’re looking to buy a home in Kalamazoo, Michigan, the Zac Folsom Group can provide expert guidance and support to help you navigate the complex world of home financing.
2. How Long Does it Take to Close?
Closing on a home can be a stressful and time-sensitive process, particularly in competitive situations where sellers expect quick closing times. Delays in the closing process can mean paying extra for rate locks or even losing out on the home altogether. Therefore, it’s essential to ask your lender about their typical closing and underwriting turnaround times to ensure that they can accommodate your timeline.
A trusted lender, recommended by the Zac Folsom Group, will have a team of professionals dedicated to helping you close on your home quickly and efficiently. One of the key factors in closing fast is having a good appraisal team that can quickly and accurately appraise the home to ensure that the loan can be processed in a timely manner. The Zac Folsom Group works with top-tier appraisal teams and lenders to ensure that your closing process goes smoothly.
If a lender is averaging more than 30 days to close a loan, it may be a sign that they are not equipped to handle the time-sensitive nature of the homebuying process. In such cases, it may be best to look for a different lender who can meet your timeline requirements.
3. What documents do you need to issue a preapproval letter?
Getting preapproved for a mortgage is a crucial step in the homebuying process, as it helps you understand your budget and gives you an edge when making an offer on a home. However, not all preapprovals are created equal. Some lenders may issue prequalification letters, which are not as reliable as a full preapproval. A full preapproval requires more documentation and a more rigorous underwriting process, giving you a more accurate understanding of your budget and increasing your chances of closing on a home.
When working with a lender, it’s essential to ask them about the documents you need to provide for a full preapproval. The Zac Folsom Group can provide you with a detailed list of the documents you need to provide and walk you through the preapproval process. Don’t work with a lender that doesn’t request some of the common documents that you may need to provide for a full preapproval such as:
- W2s or 1099s for the past two years
- Pay stubs for the past two months
- Bank statements for the past two months
- Tax returns for the past two years
- Employment verification
- Proof of assets, such as retirement accounts or stocks
Having these documents ready and organized can help streamline the preapproval process and give you a more accurate understanding of your budget. By working with a trusted lender, recommended by the Zac Folsom Group, you can feel confident that you’re getting a reliable preapproval that will help you achieve your dream of homeownership.
Worried? Let us Help
In summary, if you’re looking to buy a home in Kalamazoo, Michigan, the Zac Folsom Group can provide expert guidance and support to help you navigate the complex world of homebuying. They can also provide recommendations for trusted lenders to help you secure financing. To learn more about how the Zac Folsom Group can help you achieve your dream of homeownership, contact them today.