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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
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