Questions for narrowing down Lender/Mortgage Co?

[Anonymous]

Ok we plan to go a head and do our pre qualification the middle/end of next week. This is what I was going to do if Shane, Dallas or anyone else have any questions to add or strike from my list jump in. I have compiled a list of fha approved lenders from the fha.org list. I'm going to call each of them and ask these questions of each of them to help me narrow it down to one lender.

1. What's your minimum to qualify for fha loan?

2. What do you charge for origination fee?

3. Will a fixed rate be a problem?

4. Are there any prepayment penalties?

5. What if any up front mortgage insurance is there?

6. Is escrow included?

7. Interest rate available with our scores?

8. Does that rate include any points being paid?

9. Average turn around for closing?

10. Closing cost?

I will of course give them some information on the house we are looking to buy, asking price and the max we want to borrow. Are these unusual actions from borrowers and did I leave out any questions or need to maybe rephrase some of the questions I have? Any criticism or suggestions are welcome? 

BTW for those out there looking for FHA information, FHA.com is not the same as FHA.ORG!

Message Edited by mce on 06-13-2008 08:04 AM

[DallasLoanGuy]

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mce wrote:

Ok we plan to go a head and do our pre qualification the middle/end of next week. This is what I was going to do if Shane, Dallas or anyone else have any questions to add or strike from my list jump in. I have compiled a list of fha approved lenders from the fha.org list. I'm going to call each of them and ask these questions of each of them to help me narrow it down to one lender.

1. What's your minimum to qualify for fha loan? good question. some have minimums loan amounts.

2. What do you charge for origination fee? all lenders can charge this or not. rate/fees are in direct coorelation. no origination = higher rate. you wont learn anything from this question alone.

3. Will a fixed rate be a problem? it shouldnt be

4. Are there any prepayment penalties? fha doesnt have a PPP. except for the interest which is charged all at one time per month instead of daily like conventional. ex: you sell your home on the 15th, you still pay interest thru the 30th

5. What if any up front mortgage insurance is there? same as every other fha lender

6. Is escrow included? yes for EVERY lender

7. Interest rate available with our scores? good question

8. Does that rate include any points being paid? good question

9. Average turn around for closing? good question. it varies greatly

10. Closing cost? get a gfe

I will of course give them some information on the house we are looking to buy, asking price and the max we want to borrow. Are these unusual actions from borrowers and did I leave out any questions or need to maybe rephrase some of the questions I have? Any criticism or suggestions are welcome? 

BTW for those out there looking for FHA information, FHA.com is not the same as FHA.ORG! yep.... fha.org is a hospital. fha.com has NOTHING to do with fha or hud

Message Edited by mce on 06-13-2008 08:04 AM

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