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10 Questions to Ask Your Lender


8 Steps to Getting Your Finances in Order  |  Budget Basics Work Sheet  |  8 Ways to Improve Your Credit
5 Factors That Decide Your Credit Score  |  How Big a Mortgage Can I Afford?
10 Questions to Ask Your Lender  |  10 Things a Lender Needs From You  |  6 Creative Ways to Afford a Home
Choices That Will Affect Your Loan  |  5 Property Tax Questions You Need to Ask

Be sure you find a loan that fits your needs with these comprehensive questions.

  1. What are the most popular mortgage loans you offer?

  2. Which type of mortgage plan do you think would be best for us? Why?

  3. Are your rates, terms, fees, and closing costs negotiable?

  4. 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 usually is 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.

  5. Who will service the loan? Your bank or another company?

  6. What escrow requirements do you have?

  7. 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?

  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?



8 Steps to Getting Your Finances in Order  |  Budget Basics Work Sheet  |  8 Ways to Improve Your Credit
5 Factors That Decide Your Credit Score  |  How Big a Mortgage Can I Afford?
10 Questions to Ask Your Lender  |  10 Things a Lender Needs From You  |  6 Creative Ways to Afford a Home
Choices That Will Affect Your Loan  |  5 Property Tax Questions You Need to Ask
Used with permission from Real Estate Checklists and Systems.
Content from REALTOR® Magazine Online with permission of the
NATIONAL ASSOCIATION OF REALTORS® Copyright 2005.
All rights reserved. www.REALTOR.org/realtormag
   
 
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