Thursday, May 15, 2014
10 Questions to ask your lender~
1~What are the most popular mortgages you offer?
2~Why are they so popular?
3~Are rates, terms, fees and closing costs negotiable?
4~Will I have buy Private Mortgage Insurance? If so, how much will it
cost, and long will it be required? (Note: PMI is usually required if
payment is less than 20%. However, most lenders will let you
discontinue PMI when you’ve acquired a certain amount of equity by paying down the loan.)
5~Who services the loan, the Bank or another Company?
6~What Escrow requirements do you have?
7~How long will this loan be in a lock-in period (in other Words, the time
that the quoted-interest rate will be honored)? Will I be able to obtain a
lower rate if it drops 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?