UNDERSTANDING YOUR EXPERIENCE WITH THE LOAN PROCESS
- How familiar are you with the mortgage process?
- Do you have any questions regarding financing?
- Are you purchasing a new home or refinancing an existing home?
UNDERSTANDING YOUR BACKGROUND AND DEADLINE FOR PURCHASING
- How long have you been looking for a home?
- Do you currently rent or own?
- Have you ever purchased a home before?
- Have you ever co-signed for someone who has purchased a home?
- Have you been prequalified for a home?
- When do you anticipate having the initial investment available for your purchase?
- Do you have a specific deadline for which you want to be in your new home?
- Are you currently working with a real estate agent?
UNDERSTANDING THE PROPERTY TO BE PURCHASED OR REFINANCED
- Is the property going to be used as a primary residence, second home or investment property?
- How long do you estimate you will keep this property?
- Is the property an REO or short-sale?
- Does the property need any repairs?
UNDERSTANDING THE FINANCES OF ALL BORROWERS
- Where do you currently work, and how long have you been with your current employer? If less than two years in a current job, how many years in a previous job?
- Are you paid hourly or by salary?
- What are your monthly debt obligations?
- What kind of savings and retirement funds does each borrower have?
- Do you know your credit score? Would you like us to run your mortgage credit report today?
- Have you had any foreclosures or bankruptcies in the last seven years?
UNDERSTANDING THE REASON WHY REFINANCING MAKES SENSE TO YOU
- What do you want to accomplish by refinancing: lower the rate, reduce the term, take cash out?
- What was the original purchase price and in what year?
- Based on sales in your neighborhood, what is the estimated current value of your home?
- Have you refinanced your home before?
- How much do you currently owe?
- Have you had any late payments in the last two years?
- What would the ideal timeframe be for you to refinance your home?