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Mortgage questions to ask and expect from your lender
When you apply for a mortgage, the lender will assess its risk to decide whether to loan you money. Along with the mortgage questions they’ll ask you, you’ll also likely have questions to ask a lender, including inquiries about application requirements and what mortgage lenders look for.
Here, we’ll cover some questions to ask a mortgage loan officer — as well as questions the lender will ask you — when you apply for a home loan.
Mortgage questions to ask lenders
It’s smart to learn more about how to qualify and get approved for a mortgage, as well as what to prepare for. Here’s a rundown of some of the most common questions to ask a mortgage lender.
What type of mortgage do you recommend for me?
There are several types of mortgages, including conventional loans and FHA loans. Talk with your lender or loan officer about the type of mortgage they recommend based on your needs, credit and finances.
What is the minimum down payment requirement?
While you might believe that a 20 percent down payment is necessary, the reality is that many mortgages require significantly less. Inquire with your lender about the specific down payment requirements, and if you’re a first-time homebuyer, explore any available special programs.
4 things that could impact your credit in 2024
Credit is top of mind for many folks going into 2024. Nearly 4 in 5 Americans (79%) say they are trying to improve their credit, according to a recent survey from NerdWallet.
Getting ahead of surprises will go a long way in protecting your credit. Here are four things to look out for that could impact your credit in the new year.
1. Holiday debt
Holiday purchases could follow you for months. NerdWallet’s 2023 Holiday Shopping Report found that about half of Americans (52%) incurred credit card debt when shopping last holiday season, and of them, 31% still have not paid off their balances.
Payment history is the biggest factor influencing your credit scores. If you’re carrying debt, make at least the minimum payments on your cards to keep your payment history intact and shield your scores. But paying a higher amount, if you’re able to, is better for your credit utilization — another major factor in score calculations. Using too much of available credit can make you appear risky to lenders.
“You want to keep your credit balance under 30% of what your credit limit is to get a good score,” says Marianne Nolte, a certified financial planner in Lake Havasu City, Arizona.
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