April 7, 2020 2 min to read
Top questions you should never forget to ask mortgage lender
Category : Finance
Many people these days decide to buy their own house instead of renting from someone. However, not everyone has this type of money to spend in their account, so they apply for a mortgage.
As you can read on The Mortgage Broker website – “Most people recognize a property is the largest and most expensive thing they will buy in a lifetime”.
People who are applying for a mortgage are usually so stressed about whether they will get approved or not, that they tend to forget to ask some of the most important questions.
It is especially the case for those who are doing it for the first time but not only. Some people are like this in general – when they stress, they tend to forget things.
So if you are one of those people, here is a list of top 4 questions that you should never forget to ask the mortgage lender.
If you feel like you will forget them, just write them down and take them with you. Without further ado, let’s get to it!
1. What documents will I need to get the loan?
This is one of the most important questions that you should ask your mortgage lender or broker. Remember that if the person and what they do is legit, they will tell you about it without you even having to ask. Depending on what type of loan you’ll choose, you will most probably need:
– identification – could be a passport, ID card or a driving license
– income – documents such as the tax return documents from the last two years, thirty days of pay stubs or any other document that will serve as a proof of additional income.
– accounts – if you have any retirement or investment accounts; bank statements from the previous two cycles
– property – if you had a property before, you need to have a statement showing its settlement
– additional documents – for example, a gift letter from a family member that is willing to help you financially or landlord contact info
2. What type of loan will be the most suitable for my needs?
Buying a house is probably one of the most significant investments in your life. That’s why it’s important that the loan you take will suit your needs.
A good mortgage lender will study your documents and find the best option for you, as not every loan program might be suitable for your financial situation. They will also go over everything with you and tell exactly…
Continue reading the article and learn more about mortgages on Life Is An Episode website.