Working closely with your trusted loan officer can help relieve the stress of going through the home buying process alone or with your family. Getting the most out of your relationship with your loan officer is very important. Why? Loan officers do everything in their power to help you own your dream home and achieve financial stability. Mortgages are often very complicated, but with the help of a loan officer the process becomes simple and less stressful for you. Your loan officer is always available to answer any questions you may have about your mortgage or the process in general.
To get the most out of your relationship with your loan officer, here are some questions you could go over with them:
- What are the mortgage rates today?
Mortgage rates are always fluctuating with the market. Ideally you want the lowest available rate based on your credit score, debt-to-income ratio and down payment. Your loan officer will talk with you about what your rate could be, along with other considerations based on your needs and situation. Remember every loan application is unique; it is your loan officer’s job to help you understand what your payment will be and the other costs associated with obtaining the loan will be.
- How much should my down payment be?
Different mortgage programs have different down payment requirements, and this is an important part of what you will discuss with your loan officer. Low down payment options are available with FHA, USDA, or VA loans if you can’t cover the traditional 20 percent, and meet the requirements for these programs. Keep in mind you may also have costs of closing to pay for, but you may be able to include some of these in your total loan amount.
- What documents do I need for a loan application?
Your loan officer must verify your credit, income and ability to repay the debt. When it is time to bring all of the documents to your loan officer, be sure to have your two most recent tax returns, the two most recent payroll stubs, W-2 statements and bank statements. Your loan officer will give you the final list of documents they will need closer to the time of your meeting.
- How much are my mortgage’s closing costs?
This is another great question perfect for your loan officer. Closing costs vary but your loan officer can give you an estimate of what your closing costs could be. Be sure to have that conversation with them early in the process and have them clarify and break down the costs involved.
If you are in the position to own a home, it is best to talk to a mortgage professional about your financial options. Feel free to chat with one of our mortgage advisors today at 1-844-77-vLoan. If you’re ready to start the mortgage process, start a free rate quote online.