5 ESSENTIAL QUESTIONS TO ASK YOUR LENDER
Securing a Mortgage may seem like an intimidating task, but it is a significant & necessary step in your journey to homeownership. Finding the right Mortgage lender is crucial whether you're a first-time buyer, buying a new home, or looking to refinance. Choosing a lender who understands your concerns and challenges, and that is there to guide you through the process, is a significant advantage. Here's what you need to ask before selecting your Mortgage Lender to be sure you make an informed decision.
1. QUESTION: WHAT TYPES OF MORTGAGES DO YOU OFFER?
At Lisle Savings Bank, we offer a range of Mortgage options tailored to your unique circumstances. There is no one-size-fits-all Mortgage solution, so finding a lender who listens to you and explains the risks and benefits of each Mortgage type is essential! Here are some types of Mortgages offered at Lisle Savings Bank:
2. QUESTION: WHAT ARE THE CURRENT INTEREST RATES & APRs?
Understanding current interest rates and annual percentage rates (APR) your lender is offering is crucial to the Mortgage process, as they substantially impact your financial decisions and how much you pay for your home long-term. Interest rates are the price you pay for borrowing money from a lender, affecting both your monthly payments and the total cost of the loan. Knowing the prevailing rates and how they might change over time enables you to make informed financial choices. The APR, on the other hand, offers a more comprehensive view of your loan's overall cost, encompassing the interest rate and any associated fees. This insight is invaluable for evaluating loan options effectively and making financially sound decisions.
3. QUESTION: WHAT WILL MY MONTHLY PAYMENTS BE?
Get an official Loan Estimate before choosing a loan. The Loan Estimate is a comprehensive breakdown that outlines the principal and interest components and includes taxes, insurance, and any other fees or closing costs. This detailed overview of your financial obligations empowers you to select a lender that aligns with your financial goals, ensuring the best management of your resources. Be sure to get an official Loan Estimate for an accurate "big picture."
4. QUESTION: WHAT SHOULD I EXPECT THROUGHOUT THE PROCESS?
Mortgage applications require documentation. Be sure to ask your lender upfront what you must have prepared to avoid undue stress near and at closing due to a lack of preparation. The approval process's duration can significantly impact your plans, so asking for a realistic timeline is essential to ensure a smooth journey.
5. QUESTION: DO YOU ACTUALLY SERVICE THE LOANS YOU ORIGINATE?
Yes! Lisle Savings Bank is dedicated to supporting you throughout the life of your loan, so you don’t have to worry about changing the name on your Mortgage check or processing your payment on a different website. It’s one of the things that makes getting a Mortgage at Lisle Savings Bank special!
DON'T STOP HERE!
These questions are a great start, but you know yourself and your needs better than anyone else! Think about any other questions you may have so that you can get the answers you need. At Lisle Savings Bank, you’re not just another number. We’re here to help you achieve your homeownership dreams. With our expertise, local knowledge and decision making, and commitment to transparency, you can navigate the Mortgage process with confidence.