10 Questions To Ask Your Lender
- 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 Of 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
