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?

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