Darcia Boyd | Boyd Realty
Broker/Agent
T 512.308.5528
E darciaboydrealty@aol.com
Darcia Boyd donates a percentage of closing proceeds from each sale to support the Bastrop Food Pantry.
Questions for Mortgage Lenders & Loan Officers?
T. 512.308.5528
So how do you decide which lender is best for your real estate need? There is a lot more to the mortgage process than getting a good rate. High costs in fees and poor service can come as very unhappy surprises.
Suggested questions you might ask a lender:
How large is your company, and how long has it been in business?
Are you a licensed mortgage broker or loan officer in Texas?
Is your company a mortgage banker or a mortgage broker? (A banker lends its own funds; a broker searches mortgage sources and arranges for you to receive financing from the lending entity.)
What is the name, phone number, and e-mail address of the person who will actually be processing my loan application? How accessible is that person?
Tell me about all loan fees. What fees must I pay up front? What fees will I have to pay at closing?
How can you assure me I won’t pay any unnecessary “add-on” fees?
Do the costs you are quoting include the lender origination fee?
Are there loans available with no origination fees? No closing costs? Reduced closing costs?
What are your interest rates?
Is there a fee to lock in my interest rate? How long can I lock in the rate?
If interest rates go down, can I relock at the lower rate? If so, will there be a fee for that?
How can you assure me I won’t pay any unnecessary “add-on” fees?
Do the costs you are quoting include the lender origination fee?
Are there loans available with no origination fees? No closing costs? Reduced closing costs?
What are your interest rates?
Is there a fee to lock in my interest rate? How long can I lock in the rate? If interest rates go down, can I relock at the lower rate? If so, will there be a fee for that?
What information must I provide to get a mortgage loan?
What documentation will I have to provide?
Will you require current tax returns? (Take note of this especially between Jan.1 and April 15 if you haven’t prepared your return yet.)
How long will it take to get complete and unequivocal loan approval and be ready to close?
I plan to stay in this house for ___ years. Can you show me the breakdown of any ARM loans you offer vs. fixed-rate loans to see which could save me the most money in my situation?
What is private mortgage insurance? Other than a 20% down payment, how can I avoid the private mortgage insurance?
In the last three months, how many loan applications have you taken and how many have you been unable to close?
Can you give me names and phone numbers of two or three people for whom you’ve funded loans in the last two months?
What do I need to bring for a Loan Application?
Employment -
Addresses for two full years
Gross monthly income
W-2's, for all Buyers
Proof of pensions, retirement, disability or Social Security
Proof of income from rentals, investments, etc.
Year to date pay stubs
If self-employed: Two years 1040 Tax Returns
Creditors -
Each creditor's name, address and type of account
Account numbers
Monthly payments and approximate balances
Amount of child care expenses
Banking -
Names and addresses of saving institutions
Account numbers for all accounts
Type of accounts and present balances
Miscellaneous -
List of assets in stocks, bonds, land
If applicant is selling a home, a copy of sales contract
