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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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