Eight Questions to Ask Your Lender Before Buying A Home In Springfield MO
If you’re buying a home in Springfield MO, its crucial to find an experienced REALTOR® to guide you through the process and equally important to find a good lender to finance your new home. Lenders products and services vary and it’s important to find one that meets your specific needs. Here are eight questions you should ask when interviewing prospective lenders:
1. What types of mortgages do you offer and which one is best for me?
2. Are your interest rates, fees, and closing costs negotiable?
3. Will I be required to buy private mortgage insurance (PMI) and what does it cost? Can I discontinue it when I build more equity in my home?
4. Will you keep the loan with your company and service it or sell it to another institution?
5. How long is your loan lock-in period and will I be able to obtain a lower rate if it drops during this period?
6. How long does it take for the loan approval process?
7. How long will it take to close my loan?
8. Can I prepay my loan without paying any penalties?
About The Authors: Betty Knowles is a full-time REALTOR® with Southwest Missouri Realty in Springfield, MO She also served as President of Women’s Council Of REALTORS® in Southwest Missouri. Betty’s genuine passion is helping people buy and sell homes in Springfield, Ozark, Nixa, and surrounding communities.
John Knowles is likewise a REALTOR® with Southwest Missouri Realty and a member of the Greater Springfield Board of REALTORS®. John is also a FAA part 107 certified drone pilot to get those amazing shots and videos of our properties!
Together this dynamic team makes up TeamKnowles REALTORS®, Spouses Selling Houses! They are dedicated to doing what it takes to sell your home in the greater Springfield real estate market, or help you purchase a home that fits your particular needs. Give TeamKnowles a call today; you’ll be glad you did!
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