Regardless of if you are embarking on the home buying process for the first time or the third time, dealing with mortgage lenders can be a seriously intimidating task on the list of things to get done as you are looking to buy. But a good mortgage lender should be able to answer your questions and address your concerns quickly, with clarity. As such, the process can be an informative and fulfilling learning process. And at the end of it, you should be more financially secure than you were before you started. The purpose of consulting with lenders is to discover more about your budget and to understand your credit and its purchasing power. This will help you find the best homes for your specific situation so that you don’t end up in over your head.
When talking to your mortgage lender, here are a few key questions that you should ask. 
What is the Interest Rate & How do I Lock it in?
Always make sure to ask for a quote on the interest rate. And don’t be afraid to compare a couple of different lenders rates. This process is about you and what works to your benefit. Keep in mind that your mortgage balance, the interest, and your loan term are what determine your monthly payment. So the interest rate can have a huge affect on what you are shelling out each month.
Once you have found the interest rate that you want, make sure to ask your lender how to lock that rate in. If it rises, you won’t be impacted. But if it lowers, you won’t be able to take advantage of the new lower rate. Ask about the lenders processing time so that you can lock in the rate that you want.
Is There a Penalty on Prepayment?
Choosing to pay your house of early sounds like it should be a huge plus for your mortgage lender, but sometimes they are against the idea and will charge you a fee if you try to pay off early. Prepayment penalties can be as much as 80% of 6 months worth of interest. So, depending on the interest rate, that can add up to be a huge number. Ask and then ask again. Make sure that you plan accordingly.
What Can Delay My Loan Approval?
Sometimes, delays can’t be helped. Changes in employment, increase or decrease in salary, or the change in marital status are sometimes unavoidable. But common slip ups also include missing signatures, unsent paperwork, or mis-represented information. Check and double check everything. And if you feel like it is still taking too long, politely ask your lender to do a double check to make sure that nothing is causing a hangup that can be remedied quickly.
All in all, the financing process with a lender can take up to 45 days or more in most states, depending on the efficiency and competency of a mortgage lender. At Magnolia Design Properties, if you need to sell, one of the benefits is that you will not need to wait that time frame for the approval to come through. If you need to sell your home fast, Magnolia Design Properties, LLC is here to help. We are real estate investors who work with sellers who are facing all types of situations such as bankruptcy, foreclosures, inherited properties, divorce, re-locations, behind on property taxes and many other scenarios. We work with each person, each family at a time to help bring the best real estate solutions to them. We buy houses in all conditions and in all price ranges. We do not charge any commission or closing fees and we can close quickly on your timeline.
Contact us today at 844-428-9776, or how-can-I- sell-my-house-fast.com Let us make you an offer today.
