Dawna is a real pro! I am so glad she was on our team. For nearly four years she guided us through the volatility of the San Luis Obispo housing market, answering our questions from a far (we live in Montana) and flagging appropriate properties or developments along the way. When the timing was right and we found just what we were looking for, Dawna expertly guided us through the negotiations and inspections. This wasn't our first home buying experience, but we really appreciated how easy Dawna and her assistant made the whole process. We successfully closed in less than 30 days.
- How fast can you close a loan, if started today? This time period directly relates to how fast you can close an escrow, thereby giving you a realistic perspective on your competitive edge over other buyers. Closing time is often as important as the price.
- What type of loan? Would fixed-rate, adjustable, or an FHA loan (among other types) be best for my general situation? The lender should take time to understand your income situation and what loan is best tailored to you. For example, if you receive large bonuses annually, you may want the lowest monthly payment with the opportunity to pay back a portion of the principal each year without penalty.
- What is the relationship of credit score to loan terms? The benefits of a good credit score vary depending on the type of asset you are financing (car, house, etc.) and may change with the company you use as a lender.
- What keeps interest rates low? How long will it continue? Good lenders can answer this question with their experience and/or sound research. They should be able to offer you enough information to help you make a decision about when to lock your new loan with confidence.
- Where do you get your money for lending and what are loan conditions? The mortgage market has many levels. The actual source of the funds is the one that most directly affects consumers. Often this is an investor other than your lender representative, who will have specific conditions that they will want met before they will authorize the release of funds to escrow. These may include specific types of property, limitations about certain developments in the community, specifics about the borrower’s financial situation, credit score limits, among others. Best to know these conditions up front, well before you have an accepted offer.