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When working with a Wilmington mortgage broker there are several questions that you should bring to the table when meeting with them for an initial consultation. You should first let them know the asking price of the home you are interested in and how much you will be able to put down (if you have not found a home yet, then give a realistic price range that you will be searching in).
Based on these numbers, ask the Wilmington mortgage broker to give you an estimate on what your closing costs will be along with a projected interest rate. A Wilmington mortgage broker should also be able to provide you with a good faith estimate that will outline all of your closing costs.
It is also very important to ask your Wilmington mortgage broker if they think you will have any difficulty securing a home loan and what you can do to improve your chances of getting approved for the loan as well as back up plans. It is very important that you are upfront and honest with the Wilmington mortgage broker regarding your financial situation so they can give you an honest opinion regarding your loan.
You should also ask your Wilmington mortgage broker how long it would take to obtain the final approval on your mortgage. This is necessary to plan the move out date of your apartment or old house and to give proper notice. You should also give yourself a cushion of a few weeks longer than the approximate final approval date in case you run into any problems with your loan along the way. This will ensure that you will not be thrown out onto the street before you have closed on your home.
Having all of these questions answered in your initial consultation will allow you to properly plan for this big move and will give you a realistic idea of what your future monthly payments will be, based on the information you provided.
