As a home buyer, knowing the perfect questions to ask your mortgage professional can be tough. Lucky for you, we are here to help! Here are some questions that you should ask your mortgage professional in no particular order, and will get you all of the information you need!

  1. What is the maximum purchase price I am pre-approved for?
  2. If I need to obtain a pre-approval letter with a different purchase price from you how would I contact you?
  3. What is my interest rate?
  4. Do you offer rate locks and if I have one what is the expiration on it?
  5. Do I get any free legal services such as a purchase and sales review? Who will the bank’s attorney be or will I get a choice?
  6. How many days from the signing of an accepted purchases and sales agreement do you need to provide me with a commitment letter?
  7. During the process of buying a home is there anything I can do to help on your end?
  8. During the process of buying the home can you please always CC questions to me and my agent so they can help guide me?
  9. Can you explain the difference between the down payment and the deposit? What happens with the deposit money at closing?
  10. What are my estimated closing costs?
  11. Can you break down my closing costs? Also I was wondering what are pre-paids?
  12. What type of loan will I be using?
  13. What would changing towns and taxes do to my pre-approval amount?
  14. In cases of buying a condo, What amount does my condo fee change my pre-approval?

These questions will get you started in your home buying process. Knowing the answers from your mortgage professional and talking them over with your Agent can smooth over the process  of purchasing a home. If you have any other great questions leave them in a comment below.

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