Hey folks,
I’m about to start the home-buying process and could use some tips on dealing with mortgage loan officers. What should I be asking them, and how can I make sure I’m getting the best deal? Any red flags to watch out for?
Thanks in advance!
Howdy mates,
although your mortgage loan officer is a resource, it is ultimately your responsibility to comprehend the conditions of your loan.
I’m in the midst of buying my first home and recently compared mortgage offers, getting quotes from Ratehub and RBC. Through this experience, I learned that dealing with mortgage loan officers requires asking the right questions. Make sure to inquire about interest rates, fees, prepayment options, and whether the rates are fixed or variable. Also, understand the loan’s terms, including any penalties for early repayment. Watch out for red flags like hidden fees, vague answers, and pressure to make quick decisions. Taking the time to compare offers and read the fine print can make a significant difference in getting the best deal. Good luck!