Loan Interview - questions compiled to ask lender/broker

OK, I *think* this is most of it. I'll probably update and more. I made this for myself so I don't sound like an idiot when talking to a Lender. These questions come from multiple resources. I thought I'd post it to share with someone else going into the buying process soon, who like me is just learning. Answers to some of the questions are meant to circle so you don't waist time with a fast talker.

Any other additional thoughts, question to add would be great, but really this is to post for anyone who wants it

I just cut and pasted this, if there is a better way to share let me know.




Loan Interview

Name of Lender:

Name of Contact:

Date of Interview:

Mortgage Amount:




Type of Loan: Fixed Rate, Adjustable Rate, Conventional, FHA

Hybrid ARM (fixed-rate + ARM, i.e. 5 yrs fixed, 25 adjustable: most desired),

Name of Loan (doctors loan, and such names) :

Minimum Down Payment Required: built into the loan, expected at closing (?)


(If doctor’s loan, or quoted loan is being compared to doctor’s loan) Does the house have to appraise to what the loan amount is that includes the downpayment cost, regardless of the selling price? (the loan could be denied if the loan amount is above the appraisal price, so this is important)


Loan Term:

Interested Rate at Interview:

Is the rate guaranteed?: yes – how long? When? / no

Lock-In Rate Available (can get if not guaranteed) : yes – how long? Fee? - $ / no lock in


When does the lock-in occur? At application, approval, other:

If rate drops before closing, can you lock-in at the lower rate? Yes , No



APR/Annual Percentage Rate (interest rate, points, and other add-on loan fees and costs):

…………………………………………

[Deebs]

Julie -
Thanks! We are in the process of comparing rates for our next house and this really helps pull it all together.

[houseelf]

Having just gone through this process I recommend the National Association of Doctors mortgage products over Bank of America for several reasons.

Bank of Am charges you $50 to approve you, doesn't offer the no PMI program in every state, and has stricter parameters on whose name can be on the loan depending on the spouse's future job and/or student loan debt. B of Am told me that my name shouldn't be on the loan because my student loan ratio would decrease the amount of mortgage we were eligible for. They tried to spin it as "Oh, but you will still be on the deed..."

Um, I don't f***ing think so. What about my credit history, jack a**? What happens if DH dies...I have to now apply for a new mortgage without a current mortgage listed on my credit report. That's fabulous financial protection for DH's family. ARGH!

So, I went to the National Association of Doctors website which offers no PMI, both spouses' name listed on the loan, and more flexibility with the loans offered.

Call Scott Mitchell at 866-676-6999 or google the Nat. Assoc. of Doctors' website.

Hope this helps someone out there.

Kelly

Thanks Kelly, just got off the phone with Scott. Four down - more still to go...

I'm giving this info to a resident spouse in town, and thought I'd bump it up in case someone else could use it.