Buying a home is a significant milestone in most people's lives. Securing a suitable loan is a crucial step in this process.

To ensure you get the best deal and avoid potential pitfalls, it's essential to ask the right questions when choosing a lender.

Here are some key questions to consider and ask your lender:

1. What are the most popular mortgages you offer? Why are they so popular?
   
   

2. Are your rates, terms, fees, and closing costs negotiable?
   
   

3. Do you offer discounts for inspections, home ownership classes or automatic payment set up?
   
   

4.  What Escrow accounts do you have?
   
   

5. Which type of mortgage plan would you recommend for an individual in my type of situation?
   
   

6. How long will the loan approval process take?
   
   

7. Who will service this loan - your bank or another company?
   
   

8. Can I refinance my loan in the future?

Why is it important to ask these questions?

1. By understanding the terms and conditions of your loan it enables you to make informed decisions about whether it’s the right option for you.
   
   

2. Protecting your interests, as you will be able to know the reputation of your lender and ensure you’re dealing with a reputable and reliable institution.
    

3. Avoiding hidden costs; asking about prepayment penalties, closing costs, and other fees can help you avoid unexpected expenses.
   
   

4. Knowing the market rates and terms can give you leverage to negotiate for a better loan.
   
   

5. Financial planning; in that when you know your monthly payments and interest rates it can help you plan your finances accordingly. 

Asking these questions will help you better understand the situation you’re in and help you make a sound decision when selecting a lender in your homeownership journey. 

As a reputable real estate firm, we have partnered with leading financial firms in the country, which are the National Bank of Kenya and ABSA Bank to make the home ownership journey a smooth process for our clients. 

Reach out today on 0709 677 377 and we’ll help you in the first stages of your homeownership journey.