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What questions should you be asking a potential lender?
- How long have you been working as a loan officer?
- How many loans did you close last year?
- How much can I afford and what type of loan options are available to me as a borrower (and ultimately which options are best)?
- What kind of follow-up or refinancing programs does your company have?
- Will this bank/institution service the loan in-house or sell it off to a bigger lender?
- What would be my APR be for a loan? *The APR is a much better way to compare two different lenders as it has the closing costs calculated into the rate.
- How much does it cost to lock my interest rate and what happens if that rate lock expires?
- What other costs are associated with closing my loan (appraisal, underwriting, document prep, etc.)?
- Will you be attending my closing and/or will you go over my settlement statement in advance of my signing the loan documents?
- If applicable, how long until I can be done with paying mortgage insurance?
- Do you have any references that you can provide?
Local Lenders in Central Minnesota
Below are some local lenders that we know and have worked with recently.
*Shrewd Real Estate is not affiliated with any of these companies and makes no money if you use any of their services. If you are a lender that has worked with Shrewd Real Estate in the past and would like to be added to this list, please connect with our office staff.