4 Key Questions For Your Mortgage Lender

For most of us, buying a home at the Lake of the Ozarks would not be possible without the help of a mortgage lender. Because lenders are such an important part of the home buying process, it's important to find a lender you are confident will be able to best meet the needs of you and your family.

It's important to meet with multiple lenders so you can get competitively priced interest rates, but this will also let you get to know multiple lenders so you can find someone you feel comfortable working with. As you interview different lenders, here are a few key questions to ask.

1. What Types Of Mortgage Loans Do You Offer?
There are about as many different types of mortgage loans as there are different people buying homes. Each type of loan comes with a different set of requirements, a different set of policies, and a different payment structure. Your lender should be able to help you understand the different types of loans available and determine which type will best fit your needs.

2. What Will My Interest Rate Be?
When you get prequalified, your lender will be able to give you an estimate of the interest rate you qualify for. Keep in mind that the rate quoted to you during the prequalification process is not guaranteed; you have to get farther along in the process before your rate will be locked in. Even though it won't be guaranteed yet, though, it's important to ask different lenders what types of rates they will be able to get you so you can compare quotes.

3. Are There Fees For Paying Off My Loan Early?
When you take out a loan to buy property at the Lake of the Ozarks, you will most likely end up paying several thousands of dollars in interest by the time it's all said and done. You can reduce the total amount of interest you pay, however, by putting extra money towards the principle amount on your home loan and paying it off a little early. Some loans charge additional fees if you pay your loan off early, though, so it's important to find out if you will be able to make additional payments or not.

4. How Quickly Will My Loan Be Approved?
There's no definite answer for this, but you will be able to get a general timeline based on your lender's response. Some types of loans usually take more (or less) time to be approved than others, but sometimes you will even receive different timeline quotes from different lenders for the same type of loan. If you have a general timeline for your transaction, it's important to find the lender who will have the best chance of meeting your deadlines.

Good luck!
Ultimately, the choice of your lender is entirely your own. Asking these questions will get you started in the right direction, but eventually it is up to you to find someone you trust. 

Please keep me in mind when you are ready to start touring homes! I would love to serve as your Lake of the Ozarks real estate agent.

Susan Spica, Professional Realtor

BerkShire Hathaway HomeServices
101 Crossings West, Ste. 202
Lake Ozark, MO 65049

Office: (573) 365-6868
Susan's Cell: (573) 280-0484
Gina's Cell: (573) 889-9477