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My husband and I know nothing about mortgages and we are going this week to talk to a loan officer.
What information can they give us? Right now we are at a dead end. We know how much we can afford a month, but we have no idea how much of a loan we will get. We really want to know that before we make any other decisions.
You need to apply.
Asking the right questions will not get you the right answers if the lender doesn't have a full spectrum of your qualifications.
In NC, they passed a new law that obliges the broker to make sure you know what you're signing, and what you're doing.
This doesn't apply to banks...only those lenders that are governed by the state. (mortgage brokers, and direct lenders)
Quote:
Originally Posted by Unladylike
My husband and I know nothing about mortgages and we are going this week to talk to a loan officer.
What information can they give us? Right now we are at a dead end. We know how much we can afford a month, but we have no idea how much of a loan we will get. We really want to know that before we make any other decisions.
My husband and I know nothing about mortgages and we are going this week to talk to a loan officer.
What information can they give us? Right now we are at a dead end. We know how much we can afford a month, but we have no idea how much of a loan we will get. We really want to know that before we make any other decisions.
What are some questions that we need to ask?
How much can you afford?
What is your gross annual income? What is your minimum monthly debt obligation? What is your credit score? How much $ do you have liquid? That information will yield what size loan you can have.
You need to apply.
Asking the right questions will not get you the right answers if the lender doesn't have a full spectrum of your qualifications.
In NC, they passed a new law that obliges the broker to make sure you know what you're signing, and what you're doing.
This doesn't apply to banks...only those lenders that are governed by the state. (mortgage brokers, and direct lenders)
Yeah.... but didnt they have a lot of laws the last few years about disclosures the last 10 years as well? The law has never stopped those that wish to break them.
I like your posts though and being in NC as well I am glad we have plenty of good loan officers out here.
To answer the OP - make sure that your loan officer is properly licensed and knowledgable in the state you are buying in. Ask for recommendations from friends and family to start and look up the person on google and with the states licesing body.
Then ask them questions about their experience and their company. The most important part is that the loan officer takes the time to gain your trust and respect and does not try to just push a quick sale on you.
Agreed, a loan officer's job is to walk you through the process, Research the LO or bank first, then go in and ask what you'll qualify for. They'll ask you a million questions, and you'll have questions as things come up during your conversation, and they will come naturally. So, I wouldn't fuss too much about not asking the right ones in the beginning. If, after you've talked to them, filled out an application, and discussed your options, as questions arise, ask them, or ask here, if you're uncomfortable about anything, and we'll be happy to help give our input.
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