10 Questions to Ask Your Lender
- What are the most popular mortgages you offer? Why are they so popular?
- Which type of mortgage plan do you think would be best for me? 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 your down payment is less than 20 percent. However, most lenders will let you discontinue PMI 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 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?
- 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?
Source: Real Estate Checklists and Systems, www.realestatechecklists.com
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