Lenders and What to Ask Them

Lenders and Mortgage Brokers

Keep in mind, throughout the process of being approved to purchase your new home, the mortgage company is considering lending you a sizable amount of money. They are going to be sure you qualify by documenting your income, assets, liabilities and credit.  If you follow their direction, they will work to make the process as quick and smooth as possible.

  • Avalon Mortgage – Heidi Davlie, 858-625-8533
  • Cornerstone Home Lending – Rick Sidley, 858-722-9489
  • HomeServices Lending – Gian Ceretto, 619-573-5778
  • Sierra Pacific Mortgage - Phil Joseph, 619-507-3558
  • Watermark Home Loans – Dean Brown, 858-774-0622

Questions to Ask When Interviewing Lenders

ABOUT THEM

  1. How long have you been in the mortgage business?
  2. What sets you apart?
  3. Why do you do what you do?
  4. When are you available to clients? 8-5, etc.
  5. Why do you work for the firm you work for?
  6. What percentage of your business is purchase vs. Refinance?

COMMUNICATIONS

  1. If I need a pre-approval on a weekend, will I be able to reach you?
  2. We work during the day and it is tough to talk during business hours, can we reach you in the evening when questions come up?
  3. Are you always available for my questions/concerns?
  4. Will you be my main point of contact until the loan closes? If not, will your assistant be available to answer my questions?
  5. How often will you communicate with us regarding the progress of our loan?

THE PROCESS

  1. Once I submit my application, how long will it take to get pre-approved and the final approval?
  2. Are the appraisers or appraisal management companies that you company uses local?
  3. How are the interest rates and origination points/credits related?
  4. How do I know which loan product is the best for me?
  5. When and how do you decide to lock the interest rate?
  6. When can I lift the loan contingency?
  7. Do you charge any origination, or discount fees/points?
  8. What are the total lender costs, excluding taxes, escrow and title, that I will be charged for this loan?
  9. How often do you close on time?