5 Questions to Ask Before Your Mortgage Application
Here is a list of questions you’ll want answered by the loan officer or mortgage broker before you complete
their mortgage application and allow them to pull your credit. Every last one of these questions can be
answered without the individual knowing what your credit score is.
1. What are the different types of mortgage loans they offer?
Every Lender (Bank, Credit Union or Mortgage Company) may not offer the same type of mortgage loans.
2. What is the minimum accepted FICO credit score for each mortgage loan product offered?
For example for FHA’s 3.5% down loan product the applicant is required to have at least a 580 FICO. For this same
product Lender A may require a 600, Lender B 620, Lender C 640 and in all 4 instances it’s CORRECT! Just as long
as each lender doesn’t pick and choose who they want to enforce their minimum credit requirements on, it’s legal.
3. What’s their bank fee?
You’ll want to know what they’re charging you for their loan product. For example you can take a vehicle to three
separate mechanic shops for the same oil change and most likely you’ll get three different prices. The same applies
to mortgage lenders.
4. What programs or grants they offer that can assist any home buyer with payment of their down payment or closing
Each lender does not offer the same grants or programs to assist home buyers with their down payment or closing
5. What are their contingencies or what comes with the money?
Most likely when you receive money in the form of a grant or program there will be something added to go along
with it. You’ll have to make the decision on if you’re ok with receiving the funds once you know.
Presented By Your First Time Home Buyer Specialist, Kwesi Akal
C: 267-265-5644 Email: email@example.com