What to do when you see the lender

The lender will ask for the information we mentioned in the previous blog--basically your income and your payments and your savings or access to additional funds. Lenders give you lots of information but you will have questions and I want you to be sure to ask those questions when you are talking to your lender. Be sure you understand what it is they tell you and if not ask them to explain and simplify the concepts. They will tell you how much your interest rate is, how much you need for the down payment, how much you need for the closing costs--this comes in the form of a "Good Faith Estimate" sheet that you get to take home. It states on there what the costs of the transaction are, where the money goes and what the banks are charging you for the loan. There can be lots of extra charges on there so that is one reason I ask you to use a local lender. Internet lenders we don't use because when we get to closing we want to be sure the money is there and you are not out on the street because the funds did not get to the title company. We can run over and talk to the lender or fix a problem here easier than we can with someone in California. I use people I know so I have control over your transaction since there are so many things that we don't have control over that can mess up a home purchase.