If you’re buying a home for sale in Ellicott City or any of the surrounding communities, do you know what to ask your lender before you apply for a mortgage?
What to Ask Your Mortgage Lender Before You Buy a Home in Ellicott City
We always recommend doing your homework before you take out a mortgage – even if it’s not your first time. Make sure you ask your lender:
- What kinds of home loans do you offer?
- What kind of mortgage would you recommend for me?
- What will my closing costs look like?
Lender Question #1: What kinds of home loans do you offer?
The most common types of home mortgages are:
- Fixed-rate and adjustable-rate
- FHA loans
- VA loans
- USDA loans
- Jumbo loans
Not all lenders have the same packages, though, which means you’re doing your due diligence as a buyer if you shop around for one that offers what you need.
Related: Mortgage basics for buyers
Lender Question #2: What kind of mortgage would you recommend for me?
Your lender should be able to answer this question once you’ve filled out an application for preapproval. During the application process, the lender will look at your assets and income, employment, credit score and debt – and it will be able to make recommendations based on your financial profile.
Lender Question #3: What will my closing costs look like?
Closing costs are the fees you have to pay your lender and other parties to run the transaction. Usually, you’ll pay between 3 and 4 percent of the home’s sales price in closing costs. Your lender will let you know what your closing costs might be – and whether any of them are negotiable.
Pro tip: Sometimes fees like attorney fees, commissions and recording costs are negotiable to save you money.
Related: What are closing costs?
Are You Buying a Home in Ellicott City?
If you’re ready to buy a home for sale in Ellicott City, we can help you find the right one.
Call us at 410-465-5822 to tell us what you want from your next home or to schedule a tour in a home you’ve seen online.
Use these links to check out the hottest listings:
- Ellicott City homes for sale
- Columbia homes for sale
- Catonsville homes for sale
- Pikesville homes for sale
- Owings Mills homes for sale
$839,000
4467 Doncaster Drive Ellicott City, Maryland
4 Beds 4 Baths 3,289 SqFt 0.320 Acres
Listing courtesy of EXP Realty, LLC
$450,000
4967 Lee Farm Court 88 Ellicott City, Maryland
3 Beds 4 Baths 1,955 SqFt 0.870 Acres
Listing courtesy of Samson Properties
$800,000
2561 Ashbrook Drive Ellicott City, Maryland
4 Beds 3 Baths 3,486 SqFt 0.480 Acres
Listing courtesy of Keller Williams Lucido Agency
$995,000
4202 Buckskin Wood Drive Ellicott City, Maryland
4 Beds 5 Baths 4,569 SqFt 3.010 Acres
Listing courtesy of Samson Properties
$389,000
3612 Joycin Court C Ellicott City, Maryland
3 Beds 3 Baths 1,160 SqFt 0.110 Acres
Listing courtesy of Valley Realty, LLC.
$475,000
4602 Westhill Road Ellicott City, Maryland
3 Beds 2 Baths 2,145 SqFt 0.730 Acres
Listing courtesy of Walters Realty
$625,000
10068 Century Drive Ellicott City, Maryland
5 Beds 3 Baths 2,550 SqFt 0.460 Acres
Listing courtesy of Keller Williams Realty Centre
$340,000
8115 Yellow Pine Drive E Ellicott City, Maryland
2 Beds 2 Baths 1,574 SqFt
Listing courtesy of Berkshire Hathaway HomeServices PenFed Realty
$835,000
4937 Windpower Way Ellicott City, Maryland
4 Beds 4 Baths 3,628 SqFt 0.140 Acres
Listing courtesy of Signature Home Realty LLC
$459,900
8960 Carls Court R Ellicott City, Maryland
2 Beds 2 Baths 1,687 SqFt
Listing courtesy of RE/MAX Advantage Realty
$745,000
3504 Dairy Valley Trail Ellicott City, Maryland
4 Beds 4 Baths 2,711 SqFt 0.460 Acres
Listing courtesy of McEnearney Associates, Inc.
$650,000
10212 Fairway Drive Ellicott City, Maryland
4 Beds 3 Baths 2,088 SqFt 0.370 Acres
Listing courtesy of Keller Williams Flagship of Maryland
$599,000
2340 Calvin Circle Ellicott City, Maryland
4 Beds 3 Baths 2,188 SqFt 0.560 Acres
Listing courtesy of Berkshire Hathaway HomeServices PenFed Realty
$599,900
12232 Mount Albert Road Ellicott City, Maryland
3 Beds 4 Baths 3,498 SqFt 2.070 Acres
Listing courtesy of RE/MAX Advantage Realty
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