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Drew Mortgage - Questions to Ask Your Mortgage Lender

Buying a home requires a fair understanding of real estate and mortgage terms. Most homebuyers just want to get done with the mortgage process and often skip asking very important questions related to their mortgage. Check out this blog by Drew Mortgage Associates, the best mortgage lenders in Massachusetts, and find out the questions to ask your mortgage lender. Read now! https://www.drewmortgage.com/questions-to-ask-your-mortgage-lender/

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Drew Mortgage - Questions to Ask Your Mortgage Lender

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  1. Introduction • Buying a home is no cakewalk. • There are many aspects that a home buyer needs to understand. • Most people remain unaware of the mortgage benefits, terms & conditions. • Choose mortgage lenders in Massachusetts for a better understanding. • Never stay in doubt before getting the mortgage process done. • Here’s a list of questions to ask your mortgage lender. Read More - https://www.drewmortgage.com/questions-to-ask-your-mortgage-lender/

  2. What rates do you generally offer? • Mortgage lenders have a range of interest rates. • They don’t claim rates without checking the financial background • Mortgage lenders only share general rates in the initial phase. • They check your existing debts, source of income, annual income, and more. • Their team verifies information only after you agree to apply for the mortgage. • Hence, getting a general rate idea is crucial.

  3. How does my credit score affect my mortgage loan approval? • A credit score reflects a person's creditworthiness or potential to repay the debt. • A strong credit score shows that a person has a positive financial background. • It reflects that an applicant can repay the debt without any problems. • There are different credit score criteria for other mortgage loan plans. • Make sure you check which is the most suitable option for you.

  4. How long does the loan process take? • Every mortgage company has its policies, agreements, and processing time. • Make sure you have enough time between financing and purchasing a home. • The best idea is to get pre-approval. • It will save you time and avoid lots of stress due to lack of time. • Typically, it takes around 30 days for refinancing a home.

  5. What fees are included in the approved loan? • Don't be shy; ask upfront about all the fees included in your mortgage. • Sometimes, the additional fees are rolled into the mortgage. • Be aware of the fees that you will need to pay in the future. • Feel free to ask your mortgage lender. • They will also help you with the right information.

  6. Do you need mortgage insurance? • Yes, mortgage insurance exists. • It depends on the loan amount and the type of loan you apply for. • Your mortgage lender will outline your financing situation. • It will give an idea if you need mortgage insurance. • Try to eliminate the need for such mortgage insurance in the future.

  7. How much down payment do I need to do to purchase a home? • Mortgage Loans cover a big amount of the total property cost. • Be ready to cover finances such as: • Down Payment • Deposit Money • Closing Costs such as refinancing, processing fees, etc.

  8. The list of questions is endless. • There are many things to consider when opting for a mortgage loan. • Are you looking for a mortgage lender in Massachusetts? • Drew Mortgage Associates is a leading organization with expert mortgage associates to help you qualify for a mortgage loan that is perfect for you. • Get in touch with us today!

  9. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road, Shrewsbury, MA 01545 Phone: (508) 753-1656 Peabody Mortgage Lenders Boston Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 232 Commercial St.Boston, MA 02109 Phone : (978) 750-1080 Phone : (617) 523-3060

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