What do I need to know to talk to a loan officer?

What do I need to know to talk to a loan officer?

Here are some things a loan officer will look for when considering your application for a loan:

  • Financial Information & Documentation. Balance sheet – Assets, liabilities and monthly payments.
  • Written Business Plan (if applicable)
  • Personal Consumer Credit Check.
  • FICO Credit Score.
  • Personal Characteristics.

What questions should you ask a loan officer?

Questions to Ask Your Loan Officer

  • Which type of mortgage is best for me?
  • How much down payment will I need?
  • What credit do I need to qualify?
  • Do you offer pre-approval or pre-qualification?
  • How will I be updated during the process?
  • Do I qualify for any down payment assistance programs?

What should I not tell a loan officer?

10 things NOT to say to your mortgage lender

  • 1) Anything Untruthful.
  • 2) What’s the most I can borrow?
  • 3) I forgot to pay that bill again.
  • 4) Check out my new credit cards!
  • 5) Which credit card ISN’T maxed out?
  • 6) Changing jobs annually is my specialty.
  • 7) This salary job isn’t for me, I’m going to commission-based.

What questions can a loan officer not ask?

Lenders are not permitted to ask any questions that would discourage an applicant. Further, government regulations prevent mortgage lenders from denying loans based on race, color, religion, national origin, sex, marital status, age, or because you receive public assistance.

What to prepare before talking to a lender?

Here are a few tips to get you ready for that initial lender meet-up.

  1. Have a list of questions. Throughout this process, you’ll be required to hand over a lot of information to your lender.
  2. Understand the pre-approval/pre-qualification difference.
  3. Have a budget in mind.
  4. Start compiling your paperwork.

What happens when you talk to a loan officer?

If you can meet with or speak to a loan officer, you can make your case for loan approval to a human being rather than a machine. In short, working with a loan officer tends to get you better results than going through a bank or lender that automates the process with computer algorithms.

What do I need to know about talking to a mortgage lender?

While the bulk of your conversation will be about the interest rate and payment plan, be sure to ask your lender about what other charges they will incur. Ask directly: “In addition to my interest rate and monthly payment, what other fees am I responsible for?” Ask them to break down these fees and their purpose.

What should I ask for mortgage pre approval?

14 Mortgage Questions to Ask Your Lender — and the Answers You Want

  • Which type of mortgage is best for me?
  • How much down payment will I need?
  • Do I qualify for any down payment assistance programs?
  • What is my interest rate?
  • What is the annual percentage rate?
  • Are you doing a hard credit check on me today?

What questions should I ask a mortgage lender?

What should you not do in the mortgage process?

What To Avoid When Going Through The Mortgage Process

  1. Don’t change employers, quit your job, or become self-employed.
  2. Don’t take on additional long-term debt, such as buying a car or furniture for your new home.
  3. Don’t increase your use of credit cards or fall behind on any payments.
  4. Don’t change financial institutions.

Why do lenders ask what the loan is for?

Your loan purpose is the reason you want to borrow money. When you fill out a loan application, you might come across a section that asks for the purpose of the loan. Some lenders do this to match you with the right product. They can also use your loan purpose to assess risk and assign loan terms.

What do you say to a lender?

While the bulk of your conversation will be about the interest rate and payment plan, be sure to ask your lender about what other charges they will incur. Ask directly: “In addition to my interest rate and monthly payment, what other fees am I responsible for?” Ask them to break down these fees and their purpose.

Should I keep calling my loan officer?

Calling Repeatedly Isn’t Helpful If you’re waiting on an answer, an appraisal or a document and you’ve talked with the loan officer about it, it’s very likely that he is working hard to obtain what you need.

When should you talk to a loan officer?

Here are five reasons you should talk to a mortgage lender before you begin the house-hunting process.

  1. It sets realistic expectations.
  2. You can still shop around.
  3. It helps catch sellers’ eyes.
  4. You’ll finish the paperwork earlier.
  5. It helps you know what you’ll pay at closing.