Rate shopping vs. Mortgage Consultation
Often, buyers think the most important question to ask a lender is “what's your best rate?” There are many questions a lender will need to ask to assess your individual situation before they can give you an accurate rate quote and an appropriate loan program. Here are a few of those questions:
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What is your purchase price?
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Loan Amount?
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Loan to Value?
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Credit Rating?
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Length of time until closing? (longer locks cost more)
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Source of down payment—cash on hand, line of credit, bridge loan, gift, sale of property?
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How long do you plan on staying in the home?
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Fully documented or stated income? Will there be any other qualification challenges? Do you plan on making any large principal payments in the first few months or years (from sale of property, bonus, etc.?)
