There is more to finding the right mortgage lender than just the interest rate. That would be like buying a car because it is red. As a borrower you want to know a few things about the company before you commit. Here are a list of questions you might want to consider:
- Where is the company located?
- Will the loan be processed and underwritten locally or out of state?
- How long has the bank or mortgage company been in business?
- Is the company licensed to originate loans in Wisconsin?
- Are the "Pre-Approvals" certified by an underwriter or is it a Pre-Qualification?
- Has a Good Faith Estimate been provided to you as a borrower? (this form breaks down all the costs of the loan)
- Is the lender charging a origination fee?
- Has a Federal Truth in Lending been provided? (this shows the loan program and the interest rate)
- Does the loan have a pre-payment penalty?
Make sure you ask for these before you commit to a lender.
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