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Questions to Ask Your Mortgage Lender

When people think about buying a new home, they usually dream about walking through their dream home for the first time, closing day, and finally being handed the keys to their new place.

Even though working with a mortgage lender plays a large role in the home buying journey, finding the right lender is often an afterthought. However, the mortgage lender you choose will play quite a significant role, which is why you should aim to work with someone who understands your needs so that you can purchase your dream home.

There are numerous things to consider when looking for the right mortgage lender, and there are questions you can ask to help you identify the right mortgage lender for you. As you shop around for a mortgage lender, here are some questions to ask so you can determine if it’s the right partnership.

What Loans Do I Qualify For?

One of the first questions you should ask a mortgage lender is which loans are available and which ones you qualify for. While the loan process might seem fairly straightforward, there are several loans available to customers. Make sure to ask for specific details about each loan, so that you can determine which one is the right fit.

You also need to consider what your own goals are in regards to a mortgage. Are you looking to pay it off fairly quickly? Or are you looking for a certain type of grant program? Here at Blackhawk Bank, our Mortgage Planners will be able to find the perfect mortgage for you, based on your needs and finances. We know how stressful it can be to find a mortgage that works for you, and our planners are here to help walk you through the decision-making process.

What is the Timeline for Closing?

Many people dream about crossing the finish line on closing day, however, many things need to take place beforehand. It’s a good idea to ask a potential lender about the anticipated timeline for the entire process so that everyone has clear expectations.

With the housing market at an all-time high, many buyers and sellers alike are looking to quickly sell and buy homes. Understanding the timeline for closing will help ensure that everyone is on the same page.

Where Does My Credit Score Need to be?

Another question you should ask your lender early on in the home buying process is if your credit score is in a good place. Your credit score plays an important role in making sure you can secure a home, and depending on the lender, you may need to improve your credit score.

Navigating and understanding your credit score can be a very confusing and stressful process. Our Mortgage Planners can help you navigate this process. Whether you are looking for tips on how to improve your credit score or if you need advice on how to keep your credit score where it is at, our Mortgage Planners will be able to walk you through how your credit score works and what you can do to make sure you are fully prepared to buy your home.  

Will I Still Be Able to Meet With a Mortgage Planner?

With many social distancing measures in place, some folks are concerned about whether they will be able to meet with a planner in person. While some people feel comfortable not meeting with their mortgage planner, others prefer the extra security of meeting with a planner face-to-face. If anything, this time is utilized to freely ask questions about the process and get to know the person who is handling your mortgage.

Here at Blackhawk, our Mortgage Planners will be there for you. Whether it is via Zoom or in person, they will walk you through the entire process, so that you never feel out of the loop or unsure.

Getting well-acquainted with a lender can be a time-consuming process, and making sure you find the right one for you is important when you make the leap to buy a home. Are you interested in learning more about how Blackhawk Bank can help you? Visit our Mortgage website or contact us today!

Author:

Tammy Zurfluh

NMLS#476483
SVP Mortgage Banking

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