When you’re trying to buy or refinance a house, nothing is more important than research – and that includes researching the mortgage company you choose to use. You will likely have countless questions regarding types of mortgages, terminology you may not be familiar with, and payment plans, so you need to work with someone you can trust to walk you through the home buying process. To ensure your lender is a good fit for you, your friends at GVC Mortgage have put together this list of three questions to ask before you commit.
1. What Types of Loans Do You Offer?
Some lenders specialize in specific types of loans while others aim to offer a wide variety. All loans are not created equal and some types might not be right for you at all. So, before you agree to work with a lender, you need to make sure they offer a loan that will fit your specific needs. At GVC Mortgage, we offer numerous mortgage options and programs, so you can find a loan that will meet your exact financial situation and goals.
2. What Is Your Average Loan Processing Time?
Before working with a lender, it’s a good idea to learn what kind of timeline you will be working with. If your move includes relocating to another country, for example, you may be working within a strict timeline and not have the flexibility to work with a slower processing time. Along with this question, you should also ask if your lender will send documents electronically. Often, paperwork being submitted and reviewed is one of the biggest holdups in the process and can greatly affect your home buying timeline.
3. Will You Sell My Loan?
This last question is one you may not have thought of, but it happens more than you might think. A large number of mortgage lenders simply originate the loan and then sell it to another mortgage company. This practice is not wrong; however, many borrowers prefer to work with a lender that is going to service their loan long-term. Find out ahead of time so you can make an informed decision.
At GVC Mortgage, we want you to feel as comfortable as possible working with us, so we encourage any and all questions you might have. Check out our resources page to learn more or contact us at (317) 564-4906 to speak with a mortgage professional in Carmel, IN.