Globella Buyers Realty > Resources > Pre-Approval Questions to Ask Your Loan Officer

14 Questions to Ask Your Loan Officer During Your Preapproval Process

Loan pre-approval is one of the first important steps of your home purchase process. 


I recommend that you complete a thorough pre-approval with your loan officer BEFORE you start looking at homes.


4 Steps to Completing a Thorough Loan Preapproval:

  • Fill out a loan application

  • The lender runs your credit

  • Find and supply your loan officer with copies of your W2s, tax returns, recent bank statements, etc. 

  • Discuss your loan options with your loan officer, and get the results in writing (preapproval letter, monthly payment breakdown, closing costs estimate, etc.)

Important Questions to Ask During Your Mortgage Preapproval Process:

1. What is the maximum purchase price I can qualify for?

2. What will my monthly housing payment be at that price? Does that include property taxes, insurance, HOA fees, and/or Mello Roos taxes (what's the breakdown)? 

3. How much should I be prepared to pay in total closing costs for this transaction? Do those numbers change drastically if I close early vs. late in a given month and/or if I close now vs. a few months from now?

4. How do my options change if I put more money down or less money down? Does my interest rate change? How do my monthly payments change?

5. I don't want to spend the maximum, so what purchase price do I need to stay under to keep my monthly housing payment less than  $____/month?

6. When can I LOCK my interest rate with you, and HOW MUCH does your company charge for me to obtain this loan? 

7. Is my loan a slam dunk, or are there some potential hurdles/barriers that you envision with my loan scenario? What could delay my approval when I have a property under contract? What can I be working on or preparing for now to make this go more smoothly?

8. Are there any specialty programs that I might qualify for? What are the pros and cons of getting a 30-year fixed rate loan vs a 10/1, 7/1, 5/1 ARM, etc.?

9. Can I get part of my down payment from a family member or friend (and how does that work)? 

10. Is this a 30-year fixed rate loan (vs. a 15 year fixed, ARM, etc.)? Is there a pre-payment penalty if I pay off the loan early? 

11. Could you please give me breakdowns of my total monthly housing payment AND my estimated closing costs for a few difference scenarios (if I buy at this price with this much down, vs. another price with another amount down, etc.)?

12. Do you have any personal recommendations for me based on my income/assets/etc.? 

13. Could you please supply me with a pre-approval letter after I fill out the application and send you all the supporting documents? When I write an offer on a property, are you available to send me an updated pre-approval letter (even if it's on the weekend)?

14. I realize that rates change multiple times/day and that you will have different rates on different days. I'd like to get a competitive rate with fair fees, and ideally work with a proactive loan officer like you. My plan is to get in touch with you again once I have a property under contract to find out your rate and see if I'm ready to lock. How does that sound to you?

Learning Everything You Can About Your Loan Options


To sum it up, if you have a loan officer who is willing to spend extra time educating you during your pre-approval process, there is so much knowledge you can gain by asking the right questions.
 


You can accomplish all of this over the phone if you need to, but it's even better to take the time to meet in person (if you can).


The more informed you become up front about your loan, payment, approval process, etc., the smoother your purchase transaction will go.


More Tips for Getting the Best Deal on Your Mortgage and Finding the Best Lender for Your San Diego Home Purchase


This article was geared towards asking questions for the sake of knowledge, and 
I have written other articles with tips on how to compare lenders AND how to get the best interest rate and fees.


As always, I'm here to help, so let me know if you have any questions. If you haven't already, you can contact me today and request a 
Buyer Strategy Session to go over the loan process and discuss how we could work together to achieve your home ownership goals.

 

 

See Also: 4 Steps to Negotiating the Lowest Rate and Fees for Your Home Purchase Loan

See Also: Choosing Your Lender: What to Look for in a Loan Officer AND How a Lazy One Can Ruin Your Transaction







About Justin


Justin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage.

 

Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home.


They are specialists at representing
buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.

If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. Call Justin at (858) 437-2662 or E-mail.

San Diego Exclusive Buyer Broker, Buyer's Agent, Real Estate | DRE License #01855249
E: info@globella.com | T: 858.437.2662
Find Globella on FacebookFind Globella on LinkedInFollow Globella on TwitterFind Globella's Blog for Buyer's
Globella's Profile on TruliaFind Globella on ZillowMember of the National Association of Exclusive Buyer AgentsMember of the San Diego Association of REALTORS®Member of the California Association of REALTORS®Member of the Real Estate Buyer's Agent CouncilMember of the Sandicor MLSLearn about Short Sale & Foreclosure ResourceLearn About Accredited Buyer’s RepresentationMember of the National Association of REALTORS®


Justin Gramm, Broker
Globella Buyers Realty
Ph: 858.437.2662  -  Fax: 858-228-9801

 CA 92115
 CA BRE# 01714813
www.Globella.com

 

Buyer Strategy Session |  What is an EBA? |  Buying a Home in 2019 |  When to Hire an Agent |  How My Schedule Works |  About Globella |  When to Buy? Part 1 |  Globella Questionnaire |  How I Work |  How I Get Paid |  Buyer Representation |  Helpful Buyer Links |  Why Hire Justin? |  Location = Lifestyle |  About Justin Gramm |  WE SEARCH San Diego |  Relocating to San Diego |  Buyer's To-Do List |  How to Write an Offer |  YOU SEARCH San Diego |  First-Time Homebuyers |  VIDEO: Meet Justin |  10 Best School Districts |  North Cty vs. San Diego |  Testimonials/Reviews |  Paperwork |  What is Dual Agency? |  New Construction |  The Informed Buyer |  About Buyer Agency |  Paperwork Explained |  Retiring in San Diego |  Dog-Friendly Buildings |  The Dual Agent Trap |  3 Investing Strategies |  Home Buying FAQ |  Help for Luxury Buyers |  Buying a Condo |  The Globella Difference |  5 Reasons to Rent |  Buying Foreclosures |  1031 Exchange Tips |  5 Reasons to Buy |  Accredited Agent (ABR) |  Agency 101 |  Avoid Moving Twice |  Preapproval Questions |  Negotiation Expert |  Agency Disclosure |  Privacy Policy |  Buyer Agent Interview |  Second Home Expert |  Foreclosures |  Agent Ethics |  Choosing a Lender |  Buying a New Home |  Top 1% of Realtors |  Negotiating Your Loan |  Buyer Services |  Hiring an Inspector |  Termites! |  Avoiding Wire Fraud |  Hot vs. Cold Market |  Get a Home Warranty |  Checking HOA Health |  Hazard Insurance Tips |  Condo Litigation |  Earthquake Insurance |  SD Weather Tips |  Property Taxes |  Cost of Granny Flat |  Vesting as LLC or Trust |  Buying with a VA Loan |  Investor Services |  Code of Ethics |  Buyer Resources |  About the Name |  Contractor List |  Moving Checklist |  The Grande: Downtown Condos |  Seven on Kettner |  Treo |  Beech Tower |  Citymark at Cortez Hill |  Park View |  Gaslamp City Square |  Watermark |  235 on Market |  Atria |  Brickyard |  Columbia Place |  Harbor Club |  Island Lofts |  Angove Lofts |  Jacaranda Studios |  Rowhomes on F |  Bella Via |  Columbia & Fir Lofts |  Date Street Townhomes |  Ecco Lofts |  Finestra Lofts |  Hawthorn Place |  Kettner Rowhomes |  Lusso Lofts |  The State |  The Waterfront |  Victorian House |  Aperture |  Preparing a Short Sale Offer |  How A Short Sale Lender Analyzes an Offer |  Short Sale Lenders Approval Options |  Different Short Sale Lenders Act Differently |  Loss Mitigation vs. Foreclosure Departments |  Short Sale Defined |  The Ideal Short Sale Seller |  Why Do Banks Even Consider Short Sales? |  Some Listed Short Sales Are Not Closeable |  La Jolla |  Del Mar |  Point Loma |  Rancho Santa Fe |  Pacific Beach |  Coronado |  Downtown San Diego |  Contact Us |  Search Options |  Communities |  Buying Short Sales |  FAQ |  4 Search Drawbacks |  International Buyers |  Luxury Buyers |  First-Time Buyers |  Vacation-Home Buyers |  Move-Up Buyers |  Downsizing Buyers |  1031 Exchange Buyers |  Luxury San Diego Real Estate |  Fair Housing |  Investment Buyers |  San Diego Photos |  New-Home Buyers |  Testimonial Chuck Smith |  Testimonial Downtown Steve |  What's Exciting! |  How We Work |  Short Sale Testimonial |  Investing |  Buying a Home |  Footer Links |  Local Restaurant Reviews |  SD Restaurant Reviews |  Things to Do in SD |  SD Eatery Reviews |  Paperwork |  How We Work |  About Our Name |  How We Get Paid |  Before Writing Offer |  Before You Write an Offer |  Before Writing an Offer |  Del Mar Buyers Agent |  92101 Buyers Agent |  Loan Doc Signing Tips |  Testimonial - Samantha Z. |  How I Work |  Review from Melanie & Michael |  Review from Erica M. |  Buying in 2014 |  Spring Home and Garden Show 2014 at Del Mar Fairgrounds |  Review from Daniel E. |  how-to-sell-my-home-&-buy-another-without-moving-twice |  Review from Steve and Chi |  Buying in 2015 |  Spring-Home-Garden-Show-San-Diego-Del-Mar-Fairgrounds |  Buying a Home in 2016 |  Review from Michael I. |  Review from John and Wendy |  Review from Allison H. |  Review from Frank S. |  Broken-Landing-Page |  San-Diego-Spring-Home-and-Garden-Show-2016 |  Your Ivy at Carmel Valley Exclusive Buyer's Agent |  Your Sea Cliff Exclusive Buyers Agent |  Your Avery Pointe at Veridian Exclusive Buyer's Agent |  Your Lanai in Carlsbad Exclusive Buyer's Agent |  Your Pacific Gate San Diego Exclusive Buyers Agent |  Your SummerHouse Carlsbad Exclusive Buyers Agent |  2016 San Diego Market |  Your-Park-at-Bankers-Hill-Exclusive-Buyers-Agent |  Your Aura Exclusive Buyers Agent |  San Diego Buyer Agent Review from Mary R. |  San Diego Buyer Agent Review from Dan B. |  Your Estates at Del Sur Exclusive Buyers Agent |  San Diego Buyer Agent Review from Ken and Cindy |  Three Reasons to Buy a Home in Hillcrest, San Diego |  Three Reasons to Buy in Bankers Hill San Diego |  Your Elms at Carmel Valley Exclusive Buyers Agent |  When to Buy? Part 2 |  San Diego Buyers Agent Review from Kevin C. |  Three Reasons to Buy in Encinitas San Diego |  San Diego Buyer Agent Review from Natacha S. |  Is Fall a Good Time to Buy a New Home? |  Your Elms at Carmel Valley Exclusive Buyers Agent |  Your Canterra Exclusive Buyers Agent |  Three Reasons to Live in Normal Heights, San Diego |  San Diego Buyer Agent Review from Renaud P. |  Buying a Home in 2018 |  Your Estancia at Cielo Exclusive Buyers Agent |  Your Upper Cielo Exclusive Buyers Agent |  Three Reasons to Buy a Home in La Mesa |  Your-Cottages-at-St-Cloud-Exclusive-Buyers-Agent |  Your Harmony Grove Exclusive Buyer Agent |  Three Reasons to Live in Kensington, San Diego |  8 Home Maintenance Tips for Spring |  Federal Interest Rate Hike and San Diego Homebuyers |  Review from Stewart H. |  Review from Roland M. |  Review from Duane and Nancy |  Review from Natacha S. |  Review from Shandi and Michael |  Your Savina Exclusive Buyers Agent |  Your Escaya Exclusive Buyers Agent |  Your Terraces at Robinson Ranch Exclusive Buyers Agent |  Your Signature Exclusive Buyers Agent |  Your Garrison Landing Exclusive Buyers Agent |  Review-from-Joseph-C |  Review from Kara S. |  Review from Martin and Jackie |  2018 Market Update |  Three Reasons to Live in South Park San Diego |  Review-from-Adam-W. |  New Granny Flat Law in San Diego |  Why Buy at Civita |  Review- from-Randy-F. |  Review-from-Oline-C |  Buyer's Privacy Rights |  Review from Alex M. |  Three Reasons to Live in Tierrasanta |  Review from Greg C. |  Review from Kenjie S. |  Review from L.T. |  Review from Mike L. |  Sandicor Statistics |  Videos |  Market Statistics |  Welcome |  Site Map | 

Powered by LinkURealty - Real Estate Web Design & Websites

 

Globella's Real Estate Blog "For San Diego Home Buyers":

Real Estate Blog for San Diego Home Buyers | Solana Beach Real Estate Buyers Agent - 92075 | San Diego Real Estate Market Statistics and Trends 2nd Quarter 2011 | Cardiff Real Estate Buyers Agent - 92007 | Encinitas Real Estate Buyers Agent - 92024 | Coronado Island Real Estate Buyers Agent - 92118 | Point Loma Real Estate Buyers Agent - 92106 | Talmadge Real Estate Buyers Agent - 92115 | Clairemont Real Estate Buyers Agent - 92117 | Poway Real Estate Buyers Agent - 92064 | Carlsbad Real Estate Buyers Agent | Talmadge Real Estate Buyers Agent - 92115 | Clairemont Real Estate Buyers Agent - 92117 | Poway Real Estate Buyers Agent - 92064 | Carlsbad Real Estate Buyers Agent