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10 QUESTIONS TO ASK YOUR LENDER 1. What is the average number of days it takes for you to issue a firm loan approval? 2. Are the rates you are quoting today good for 30 days from now? 3. If we are locked-in and rates go up, what is your policy if our rate lock expires? - What is the index on the adjustable rate you’re quoting?
- Can you give me a 24 month history on the movement of that index?
- What is the margin associated with this loan?
- Is this the best index to have? If so, why?
4. What are the total fees associated with our loan? - What is the difference between points and an origination fee?
5. How will this loan affect my financial goals? - How do I know what loan is best with regard to how long I’ll be in the home?
6. Are you closing at least 100 loans a year and/or how long have you been in the business? 7. Can I be pre-approved prior to purchasing the property? 8. What is the APR on this program? 9. Of the total number of loan applications you take, what percent close? 10. Can you provide the names of five past customers I can contact who have used your services?
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