Compare Mortgage Quotes

Refinance Rates for Today

Please enable JavaScript for the best experience.

In the mean time, check out our refinance rates!

Company Loan Type APR Est. Pmt.

Common Questions on Pre-Approval(My 2 cents)

Posted on: 16th Aug, 2005 03:51 am
Hi Mortgagefit Community,

I read http://www.mortgagefit.com/mentormarks-encash.html and decided to donate my 2 cents. Here is my 2 cents for the guide.

Questions a Borrower should ask?
Whenever a borrower approaches a lender for a mortgage loan approval, he should ask the following questions:
  • Does getting a good interest rate depends on excellent credit rating?

  • What are the different steps involved in the process of pre-approval?

  • How much time will it take to complete the process of pre-approval?

  • Is it allowed to Lock-In the interest rate while buying a home?

  • Till what time is the Lock-In best for?

  • What will happen if the interest rate goes down before a deal is closed?

  • After approval of a loan, will you provide a written commitment?

  • What are the documents needed at the time of loan approval?

  • How much time does a loan takes to get approved?

  • How long will it take to close the loan after getting approved?


MortgageFit Team please include these under your guide. I hope it will help.

Thanking the whole community
Samantha

[edited by sam, added few more question to make it a part of guide .. Thanks Samantha]
Hey that was real good stuff, we have decided to ask these questions to all our lenders. Also including this under our guides.

Great work , looking forward for more cents :) .

Thanks
Sam
Posted on: 16th Aug, 2005 04:06 am
Hi Sam

I am happy to know that you have decided to include these queries in your guide. Actually I guessed that borrowers may benefit if they know the answers to these questions. So I just wanted to help them. I would also like to mention that I have also posted some questions that may help borrowers find the best lender "How to choose the best lender" so that they are ensured a fair mortgage deal.

Thanks,
Samantha
Posted on: 16th Aug, 2005 08:35 pm
After asking some questions to lender we should be serious on some factors while choosing the lender. And I found that has been well explained by Sam in a forum post "Selecting the right lender - Factors to consider".
Posted on: 11th May, 2006 12:37 am
Page loaded in 0.088 seconds.