10 Questions to Ask Your Lender
Be sure you find a loan that fits your needs with these comprehensive questions.
What are the most popular mortgage loans you make? Why?
Which type of mortgage plan do you think would be best for us? Why?
Are your rates, terms, fees, and closing costs negotiable?
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.
Who will service the loan? Your bank or another company?
What escrow requirements do you have?
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?
How long will the loan approval process take?
How long will it take to close the loan?
Are there any charges or penalties for prepaying the loan?
