Be sure you find a loan that fits your needs
with these comprehensive questions.
1. What are the most popular mortgage loans
you make? Why?
2. Which type of mortgage plan do you think
would 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 is usually 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?
