Using Technology to Invest in Your Future!

1- How Long have you been in the business?

2- What percentage of loan applications do you close?

3- Can you provide names of past borrowers as references?

1- What is your method for following up with me after my application is submitted?

2- Will you administrate my loan file as it progresses or will you pass it on to your processor/assistant?

3- Where will the closing take place and will you be attending?

4- Will my loan be sold or will you service it; if not, will you act as an advocate for me with the new company if I encounter difficulties post-closing?

1- If it is an adjustable rate, how does it adjust?

2- What are the caps and how do they work?

3- Can I see a side by side comparison of each program: fixed, adjustable, and interest only?

4- What is a non-conforming loan? What is a Alt-A loan?

1-  Does my loan have a pre-payment penalty?

2-  Does my loan have the ability to be re-cast, that is if I put a large amount down on the principal, can I keep the same low interest rate, yet enjoy the reduction in monthly payments?

3-  Does my loan allow me to set my own due date each month?

4-  Can my payment change for any reason? If so, how and how often?

5-  Please explain my Good Faith Estimate so that I can understand it! Will you include all closing costs, not just the lender costs?

6-  Why does the APR differ so much from the note rate?

7-  Do you guarantee your closing costs? If so, how?

8-  How does my FICO score affect my rate?

9-  What if I only plan to live in my house one year, can I get a better rate?

10-When is my rate locked? How long is the lock? What happens if I go past my lock date and the loan is not closed?

11-If you are a Broker, how much of a Yield Spread Premium?

12-Who is the investor for my loan?