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If you’re getting ready to buy a Des Moines home, it’s important to find a lender you trust. Partnering with the right loan officer can make the process significantly easier. Once you’ve found someone you’re comfortable with, there are some questions that will help you get the most out of the transaction. Here are a few helpful questions to ask your loan officer:
What Should I Expect?
Having a general idea of what you can expect throughout every step of the borrowing process will set you up for the smoothest transaction. You want to understand how long the process should take, be aware of any deadlines you’ll need to meet, and understand exactly what you’ll need to do and when you’ll need to do it.
Which Loans Do I Qualify For?
The more information you share with your loan officer, the better they can do their job and point you in the direction of the best loan for you. After you’ve explained your situation in detail, your loan officer will present you with your loan options. An experienced loan officer will be able to explain in detail the pros and cons of each option, and which is the best fit. Then, you can make an informed decision that you’re comfortable with.
What Will I Need for a Down Payment?
Just like with your loan options, your specific situation is going to dictate your down payment requirements. This is another area where an experienced loan officer can be of great assistance. After you’ve found the loan that’s right for you, then you’ll have a better understanding of the finances you’ll need available up front to begin the buying process.
What About Interest Rate?
Discussing rates with your loan officer is another important step in making your final decision. Your rate will depend on a number of factors, and you want to understand every option, and how that decision will impact you in the years to come.
Are There Any Additional Fees?
There are some extra fees that you may not be aware of that come with taking out a mortgage and buying a house. By learning about these fees, you can save yourself from any unpleasant surprises. If you’re aware of additional expenses in advance, then you can prepare your budget accordingly.
An experienced loan officer will generally answer these questions without being asked, but you want to be fully prepared in case they don’t. Your goal (and your loan officer’s) should be to make an informed decision that you’re entirely confident in.
If you’d like to get preapproved for a mortgage, so you know what your options are, please reach out to us. We’re always happy to help.