If you're serious about lowering your mortgage payments, it's necessary to ask for more than a simple interest rate quote! In other words, learn how to qualify lenders by asking the right questions. Start with my introductory ice breakers and then move on to qualifying questions because... knowing what to ask is the secret to affordable house payments!
Feeling nervous about contacting a lender? I've created ice breakers for you to get the initial conversation headed in the right direction. These scripts will help you define your goals to a mortgage originator.
Kate's Refinance Ice Breaker:
I am thinking about refinancing. I bought my house two years ago and have an adjustable rate mortgage. I owe (fill in your amount) on my mortgage and I think my home is valued around (fill in your amount). One of my goals is to get a fixed rate mortgage. Do you have a moment to answer a few of my questions?
Kate's Home Buying Ice Breaker:
I plan on buying a house in the next few months. I'm a first time home buyer. I have saved (fill in your amount) for my down payment. I can afford approximately (fill in your amount) for a monthly house payment. My personal information is ready. Do you have a few moments to spend with me?
It's a given that you want the best mortgage rates and competitive closing costs. Who wouldn't? But how do you go about choosing a competent mortgage originator who will treat you fairly and make sure your loan closes on time? You ask questions! You qualify your lender! That's how!
Remain organized while you're comparing various lenders. Start a separate file for each loan representative and jot down this basic information.
Tip: Your conversations will be more productive with a little preparation. For getting your ducks in a row, use Kate's Mortgage Information Planner.
Ask these questions about closing costs and good faith estimates.
How can you be sure you will get your desired interest rate if you don't ask these questions about locking it in.
Tip: To learn how to avoid mistakes in the rate lock process, go to Borrowers Ask Kate About Locking Mortgage Rates.
Not all mortgage programs are created equal. Here are some programs you may encounter while shopping for a mortgage.
Tip: Discover your inner homeowner savvy by asking Kate about mortgage programs.
Another factor that contributes to lowering your mortgage payments is the health of your credit. Ask these questions.
Tip: Learn my secret to improving your credit score.
Ask these questions regarding fixed rate mortgage programs.
Tip: Discover peace of mind with the best fixed rate mortgage.
Introductory rates (teaser rates) end at some point during the term of an adjustable rate loan. So ask these questions.
Tip: Avoid surprises with your adjustable rate mortgage by understanding key documents.
Known for negatively impacting low mortgage payments, ask these questions about prepayment penalties.
Tip: Go here for prepayment penalty help.
If you've been offered the option of a no-cost refi program, ask these questions.
Tip: How to know if your mortgage refi is worth the cost.
Lastly, understanding company policies are important. In other words, not all mortgage companies are created equal.
Tip: If you are self-employed, own a corporation, or receive commissions, ask if the institution is experienced at analyzing tax returns.
Haven't found what you're looking for? Here's the solution! Go ahead and Ask Kate for answers.
January 2016: The Mortgage Forgiveness Debt Relief Act Update.
September 2015: Fannie Mae and Freddie Mac Improve Loan Modifications.
Keep on the right path at A Homeowner's Survival Guide to the Intimidating Mortgage Process.
Please tell your friends about Low Mortgage Payments: Question Your Way to Success. I hope you'll come back and visit often.
Aug 11, 16 10:49 AM
Aug 11, 16 10:18 AM