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 down
payment, 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).
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2005. All rights reserved. www.REALTOR.org/realtormag
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