5 Crucial Questions For A Prospective Greenwich Financial Lender
If a prospective client finds themselves in need of assistance from a Greenwich financial leader, they are bound to have a few different questions before the process can begin in earnest. While most of us have the wherewithal and foresight to schedule various appointments with lenders in the area, the proper questions need to be asked.
Every Greenwich financial lender is not created equally and if we do not take the time to ask the right questions, we are placing ourselves a position that is less than advantageous. Let’s have a closer look at the questions that need to be asked of any Greenwich financial lender that we are considering.
1) What’s The Interest Rate?
The interest rate of the loan is always going to play a major role in our decision making. There are some financial lenders that may be willing to ignore the fact that a business owner has bad credit or no credit, but this is a very rare occurrence. In most instances, the interest rate is going to be based on the credit score that is provided. This also goes a long way towards determining the amount that we will have to pay each month.
2) Is The Rate Fixed or Adjustable?
This is a very important question and while the idea of an adjustable rate might sound good in the moment, we must be forewarned about the potential pitfalls. An adjustable rate can fall precipitously and while this is always a good thing, there is also no telling when it will rise suddenly. Those who do select an adjustable rate will want to ask when the rate is slated to change, so that they can properly prepare.
3) What Fees Are Due At Closing?
These fees are also known as points. They are due at closing and there is very little wiggle room on the matter. For every point that is paid, the financial lender is typically willing to lower the interest rate by one percentage point. Those who wish to avoid closing fees can inquire about further options. An applicant may be able to sidestep these fees in exchange for a higher rate of interest.
4) Can The Qualifying Guidelines Be Explained In Layman’s Terms?
The last thing that we need to be doing is signing something that we do not truly understand. What are the qualifying guidelines and how do we learn more about them? By having the Greenwich financial lender explain them to us in layman’s terms, of course. Each loan that we apply for is going to have different guidelines that need to be explained, so don’t make the mistake of assuming that the guidelines will remain the same across the board.
5) What Is The Minimum Down Payment?
This is the last question that needs to be asked once it is time to get down to brass tacks. Every loan will come with its own requirements for a down payment. The vast majority of major loans have a 20 percent down payment requirement, but there are other loans that offer a lower down payment option. The best financial lenders lay out all of the options for us, so that we can choose the very best one.
Greenwich Financial Lender
View Larger Map