Smart Questions to Ask a Home Lender

Recent news stories about so-called ‘subprime’ loans illustrate that it’s a good idea to shop carefully for a loan, especially one whose payment amount won’t abruptly increase and jeopardize your ability to make monthly payments and possibly lead to foreclosure.


If you’re shopping for a loan, here are some important things to ask a prospective mortgage broker:


  • What will his total compensation be from you and the lender for the loan he helps you to get?


  • How will her compensation vary depending on what type of loan you choose or which lender makes the loan?


  • Is he willing to work for a flat fee agreed to in advance and to rebate to you any additional compensation he receives from the lender?


  • How many lenders does she work with on a regular basis? Do any of them account for a majority of her business?


If you are thinking of purchasing a home, I can help you. I have a team of professionals to help you select a loan that will be best for your needs.


If you are considering a refinance, a home evaluation can give you a good idea of what your home is worth and I can give you a general price range right online based on recent sale prices of comparable homes in your area. For a more precise estimation of value, I can drop by for a quick review of your home.


Please phone or email me for more information. I am happy to help you, your family and friends.
Ryan Gillen


No comments

Post Your Comment:

Your email will not be published
Copyright 2024 by the REALTORS® Association of Edmonton. All Rights Reserved.
Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.