When buying a home in a seller’s market you need to make sure you get the most bang for your buck. A lot of first-time homeowners simply don’t know the right questions to ask when looking to buy a new home which leaves you vulnerable to falling for hidden traps found in the typical mortgage.
Here’s 11 important questions to ask your Home Loan Specialist when you’re considering one of the biggest purchases of your life:
1. How much time will it take to close on my home loan, assuming the proper paperwork has been submitted? Becoming a Churchill Certified Home Buyer instead of just getting pre-approved will expedite this! One of Churchill’s goals is to get you into your new home as quickly as possible. Our unique process spends extra time on your loan upfront (not waiting until the last minute like other lenders do). So, once you’ve found your home, the closing process is faster and you’re unlikely to experience unwanted surprises.
2. What loan type is best for my situation? Everyone’s situation is different. Your Home Loan Specialist will make sure you get the best loan for you. Click here for more information about the 5 most common mortgages in the U.S.
3. What are all the costs? Ask for a Total Cost Analysis—this is We personally explain all costs associated with a home loan through easy-to-read charts so you see which loan type saves you the most money over time. Other lenders typically don’t do this.
4. What will my monthly mortgage payment be? This is important, so you know how to include your new monthly payment into your overall budget and financial plan.
5. What are your business hours and what’s the best way to reach you? Are you available any nights and weekends, if I need help? You need to find someone who is willing to work with you and your schedule, as much as possible.
6. How will you communicate with me—via email, phone, etc.? This way you’ll know what to expect and can communicate with your Home Loan Specialist in a way that works best for you.
7. Will you stay in touch with my Realtor®, closing agent, and any others involved with my home loan? This can be especially helpful for first-time home buyers and to make sure everyone is on the same page.
8. How often will you update me on my loan status? It’s nice to have the option to talk to your Home Loan Specialist over the phone, in person, and even be able to check your loan progress in an app like the Churchill Mortgage app available on the Apple App Store and Google Play.
10. How are you different than other mortgage companies? Great companies and loan officers have qualities that set them apart from the competition. Don’t be shy and ask how they are different! For example, at Churchill Mortgage, we teach debt-free homeownership and one of our goals is to make sure you are set up for financial success.
11. How is service after I close on my home loan? (This is the #1 question people forget to ask, but is critically important!) Make sure you work with someone who will be your lifelong mortgage partner not swiftly forgotten after the deal is closed. It’s important to not be treated like another online transaction. Relationship is key: availability, customer service, and communication go a long way toward your overall financial success!
Asking these questions before you commit will provide confidence that you’ve selected a Home Loan Specialist dedicated to helping you purchase your dream home.