To avoid frustration on your part and the part of the lender your Lake Realty Ohio Realtor®/Agent will help advise you on the questions the loan officer will ask. They are listed below for your convenience.

1. How much money do you wish to borrow and for how many years?
2. Address and Phone if less than 2 years at the previous address.
3. Social security number
4. Present employer, address, phone, length of service, if less than 2 yrs. previous employer address.
5. Amount of gross monthly income (before anything is taken out of your check).
6. A list of bank account numbers and your approximate balances.
7. A list of assets (real estate, personal property, paid-up life insurance, etc.).
8. A complete list of your debts, with account numbers.
9. A copy of the purchase agreement for your new home.
10. An account, in writing, of any problems concerning your recent credit history.

With this information in hand, the lender will take these steps to process your application:

1. Verify the facts.
2. Get a credit report.
3. Make a property appraisal.
4. Review your application.
5. Decide whether or not to make the loan.

Go To Top

Some Questions You Should Ask Most Lenders

1. Are both fixed-rate and adjustable mortgage loans available?
2. What is the interest rate?
3. Are there any points?
4. How long can I "lock-in" the financing at the current interest rate?
5. What are the other fees a lender may charge me in conjunction with my loan?
6. Are funds for a second mortgage available?
7. On adjustable loans:

Answers to Lender Questions

• How often will the interest rate be adjusted?
• Is there a maximum limit on each rate change?
• How often will the monthly payment be adjusted?
• Is there a ceiling on payment adjustments?
• Can the term of the loan be extended?
• Is it convertible to fixed?

8. Is there a prepayment penalty clause? (This involves extra charges for paying off the loan before maturity. About 80% of all loans in the United States are paid off early.)
9. Is it an open-end mortgage? (An open-end clause in a mortgage allows you to borrow in the future for home improvements or other purposes, up to the amount of principal you've paid off.)
10. What is the "grace" period? How late can a monthly payment be made before a late charge is assessed? What will happen if a payment is missed?
11. If you sell your house, will the new buyer be able to assume your mortgage at the same interest rate?
12. Are "points" required for obtaining the new mortgage? (Usually lenders charge points for the cost of giving you a mortgage loan. A "point" is 1% of the loan.)
13. Will the lender require mortgage insurance?

Go To Top