When it comes to buying a new home, getting out into the town you’re considering moving to and looking at new houses is the fun part. The adrenaline rush that comes with finding the perfect one is the sort of unparalleled excitement that just doesn’t happen every day, but what inevitably comes after making that decision is figuring out how to pay for it. That part isn’t always as fun for new homebuyers.
Thankfully, the professional mortgage lenders at DC Lending can help make moving a whole lot easier for people in and around Vancouver, Washington. Of course, no matter who you are, you should fully vet your mortgage lender before agreeing to work with them. The following are five questions we suggest asking as you decide on a lender:
1. How Much Will Closing Costs Be?
When comparing mortgage pricing and rates from lender to lender, knowing the interest rates and overall payment isn’t enough. A lower rate could mean that a rate buydown or discount points have been added to the mortgage. Furthermore, it’s important to know which fees on the paperwork are estimates and which will not change. Prepaids, escrow accounts, and prorates are often estimated, so knowing this helps you compare apples to apples when shopping for mortgages.
2. How Long is the Average Closing Time?
Closing times matter, especially for those moving out of one mortgage and into a new one. Knowing that a closing estimate will come to fruition—that a company can close most of its mortgages on time—is an important consideration when choosing a lender. DC Lending, for example, has an average close time frame of just 21 days.
3. Can Everything Be Done Electronically?
If a lender can allow for everything to be done online, it will streamline the process considerably. Lenders that require everything be done in person typically move much more slowly, and that may not work for you if you’re on a tighter timeline. DC Lending has positioned itself as the kind of modern loan company where everything is done electronically, making efficiency a huge part of our closing process.
4. Do You Choose from a Variety of Lenders?
Not every mortgage company does a great job shopping all the available lenders to find you the most competitive rate. Banks will give you their options, but DC Lending is a broker and can price out multiple lenders to make sure you’re getting the rate you deserve at the time of your home purchase.
5. When Are You Available for Questions?
Most lenders are open during typical business hours, but do not make themselves available on nights and weekends should the need for essential questions arise throughout the lending process. While DC Lending’s office hours are 8:00 A.M. to 5:00 P.M., we are available on evenings and weekends to help with communication and the speed of the loan’s approval.
Here at DC Lending, we’re here to serve. If you’d like to speak with someone on our staff about your own situation, we’d be happy to meet with you and get you the most competitive financing possible so you can start the process of moving into that perfect home you picked out for yourself.