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561-531-7794 | Muhammad Rasheed

The Questions

Questions to Expect During the Home Loan Process

THE QUESTIONS

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?