what questions should I ask from the Loan Officer?

Question

BTW,how much money do I have to pay them first?
Thanks

Answer 1

How much is your interest rate...obviously.

Answer 2

As a loan officer, I would be offended if my customer didn't ask quesitons. As a wise consumer you have a right to know what you are spending. I never charge anything up front other than a REFUNDABLE rate lock fee. Here are some general questions to ask... if he/she balks at any of them, there is something shady about it. remember, your loan officer does this to make a LIVING not a KILLING!

1. How many years of experience?
2. Are they licensed?
3. Do they own real estate? (How can they give you advice if they don't have first hand experience?)
4. Which lender are they putting you with?
5. Is you rate lockable? Is there a fee to lock?
6. Get a copy of your Good Faith estimate - by law, they have to inform you if the fees change by more than $100. There is no reason why the total fees (including all fees) should be more than 3 to 4% of your loan amount. (Good Morning America did a special and this is what they said was acceptable.)

Then, do your homework. If you trust the Loan Officer, go with them. If there is something you do not like or are unsure about, get a second opinion.

Answer 3

IT should not cost you naything up front.

Ask-
What is your origination fee?-(it will be on GFE make them stick to it)-(1% is pretty common but negotiable)
Are they a coorespondent lender or table funded-(you don't want a retail rate when you can have wholesale)
What are my options?(try to have more than 1 loan to look at)
Ask them to explain all of the fees on the good faith estimate that pertain to the lender-
Ask how much the title insurance company charges per thousand-(2-3$ per is normal in my area)
How much is the appraisal going to cost?
Will they be at the closing?
Do they underwrite their own loans?
Does your loan include tax and insurance escrows? Rates will differ one way or the other usually
Is your loan being handled as A paper or subprime? (affects rate)
There are several others. I would shop around to 2-3 Loan officers to make sure you are getting the best deal- Ask for a referral from friends as well if they have bought a home and had a good experience. If you have more questions or want more questions let me know.

Answer 4

You should make a list of important questions:

1-What sort of loan exist for your situation
2-What is the total cost of the loan per month
3-Are they available to help you when you are going to sign
4-Do they have reference (other people like you in the same situation)

Answer 5

You shouldn't have to pay them any money up front.

1. Interest rate (low is good) Is there a better rate and if so how do I qualify for that?

2. The term...when will this be paid off?

3. In your estimation, can I afford this?

4. Is it open, so that I can pay lumps sums, to shorten the term.

Answer 6

List of questions you should ask here:

http://www.searchlightcrusade.net/posts/1124287216.shtml

Don't pay for more than a credit check up front.

http://www.searchlightcrusade.net/posts/1153704457.shtml

List of warning signs not to do business with a prospective loan provider:

http://www.searchlightcrusade.net/posts/1126620084.shtml

Answer 7

Ask if the loan has a prepayment penalty or a balloon payment.... if it does......RUN

Answer 8

did you provide loan to layers

Answer 9

WHAT IS IT ALL GOING TO COST ME WHEN IT IS ALL SAID AND DONE ? ( YOU WANT THE FIXED BOTTOM LINE $$$$ )