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10 Questions to Ask Your Lender
Be sure you find a loan that fits your
needs with these comprehensive questions.
1.
What are the most popular mortgage loans you offer?
2.
Which type of mortgage plan do you think would be best for us?
Why?
3.
Are your rates, terms, fees, and closing costs negotiable?
4.
Will I have to buy private mortgage insurance? If so how much
will it cost and how long will it be required? NOTE: Private mortgage
insurance usually is required if you make less than a 20 percent
downpayment, but most lenders will let you discontinue the policy when
you’ve acquired a certain amount of equity by paying down the loan.
5.
Who will service the loan? Your bank or another company?
6.
What escrow requirements do you have?
7.
How long is your loan lock-in period (the time that the quoted
interest rate will be honored)? Will I be able to obtain a lower rate if
they drop during this period?
8.
How long will the loan approval process take?
9.
How long will it take to close the loan?
10.
Are there any charges or penalties for prepaying the loan?
Used with permission from Real Estate
Checklists & Systems (http://www.realestatechecklists.com).
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