What questions should a first time home buyer ask a mortgage lender?

What should you not tell a mortgage lender?

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 do I need to know before talking to a mortgage lender?

Five Things You Need Before You Talk to a Mortgage Lender

  1. State Identification and Social Security number. …
  2. Verification of income. …
  3. Verification of employment. …
  4. Copies of asset statements. …
  5. Strong credit score.

What are good questions to ask a lender?

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?
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What questions do mortgage lenders ask?

Eight questions your mortgage lender will ask – and why

  • How much do you earn? Annual income is a crucial factor for all mortgage lenders as it gives them an estimate of what they can realistically lend. …
  • Do you have any debts? …
  • What do you spend your money on? …
  • Do you have children? …
  • Where is the property?

What to bring to bank to get pre approved?

10 Documents Needed For Mortgage Preapproval

  • Personal Identification. …
  • Social Security Card. …
  • Pay Stubs. …
  • Bank Statements. …
  • Tax Documents. …
  • Investment Account Statements. …
  • List Of Monthly Debts. …
  • Rental Information And Landlord Reference.

What questions should I ask a banker when buying a house?

10 questions to ask mortgage lenders

  • How much can I borrow to buy a home? …
  • How much money do I need to put down? …
  • What’s the interest rate? …
  • What’s the difference between a fixed-rate and an adjustable-rate mortgage? …
  • How many points does the rate include? …
  • When can I lock in the interest rate?

What are some things you look for when choosing a lender?

To find the best mortgage lender, you need to shop around. Consider different options like your bank, local credit unions, online lenders and more. Ask each of them about rates, loan terms, down payment requirements, property insurance, closing cost and fees of all kinds, and compare these details on every offer.

What do you say when you reach out 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.

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How do I approach a mortgage lender?

Here are five tips to help you choose a mortgage lender when buying your first home.

  1. Know your credit score and history. …
  2. Ask about first-time home buyer programs. …
  3. Seek lenders who offer government-backed home loans. …
  4. Compare interest rates and more. …
  5. Get preapproved before house shopping.

How much should I ask for a mortgage?

The general rule is that you can afford a mortgage that is 2x to 2.5x your gross income. Total monthly mortgage payments are typically made up of four components: principal, interest, taxes, and insurance (collectively known as PITI).

Do mortgage lenders look at spending?

How you spend your money each month can have an immediate affect on your mortgage approval. Banks check your credit report for outstanding debts, including loans and credit cards and tally up the monthly payments. … Bank underwriters check these monthly expenses and draw conclusions about your spending habits.

Are there health questions on a mortgage application?

Questions You Can’t Be Asked

While it may seem that a lender can ask a borrower anything, there are two topics that are forbidden for lenders to investigate: family planning and health issues. According to HSH.com, under the Equal Credit Opportunity Act, lenders are not allowed to ask if you are planning a family.

What does a mortgage surveyor check?

It is purely to check whether the property is worth the asking price and has a limited scope. It is designed to only provide information to the bank or lender to help them understand whether or not the property is worth enough to act as viable security for the mortgage amount that you have applied for.

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