As of December 19, 2017, MyQL is now referred to as Rocket Mortgage.
Doing your research and asking questions is important when looking for a mortgage lender. Not all lenders are the same, and it’s important to understand as much as possible before you move forward in the home loan process.
Whether you’re purchasing a home or refinancing, having a list of questions to ask before making a decision should be your first step. Check out our top five questions to ask your mortgage lender!
What will I get charged for from a servicing perspective?
It’s important to ask your mortgage lender about any hidden fees that might come up. For example, many lenders have an online payment service fee. This means that every time you go to make a payment online, you can be charged more than your payment amount; however, at Quicken Loans, we offer online payments through MyQL with no service fee.
How often will you communicate after I close?
Having effective communication with your lender throughout the mortgage process is important, but do your prospective mortgage lenders communicate after the loan has closed? This might not seem important, but asking if your lender communicates after closing will benefit you in the long run.
“We communicate after closing at least two to four times per year.” says Lindsey Goss, Director of Mortgage Banking at Quicken Loans.
This allows Quicken Loans to check in on how you’re doing on payments, answer any questions you might have or to see if you’re interested in refinancing.
What do I need to bring to the closing table?
Being prepared and having everything you need for closing is important. The first step to preparing to close on your new home is to communicate with your lender about what you need to bring to the closing table.
When working with Quicken Loans, the buyer brings a cashier’s check and driver’s license. Making sure you’re aware of what your mortgage lender requires can help you prepare.
What happens if my appraisal comes in low?
It’s important to understand what your mortgage lender does when the appraisal comes back too low. A low appraisal can affect how much a mortgage company will loan you and how much you’ll have to pay out of pocket.
For example, if the home you want is $200,000 but is only appraised at $170,000, your mortgage lender will loan you the appraised amount and you‘ll have to come up with the extra $30,000 on top of your down payment.
Will you sell my loan?
It happens more often than you think. Mortgage companies are allowed by federal banking laws to sell or transfer your mortgage to another lender. Lenders who sell or transfer mortgages are required to disclose this information in your contract. Even though it’s in your contract, you might not know about the transfer until 30 days before it happens.
Quicken Loans will service your loan until the last payment is made. Not only do we want to service your loan for the entire duration, but we also want to keep you in your home. If you’re struggling to make payments, we’ll work with you on finding a solution.
Finding a mortgage lender you can like and trust is important – you’ll be working with them for a long time. Before you decide which lender to use, make sure to ask questions before signing on the dotted line. If you’re ready, you can get started with Quicken Loans today!
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