Be sure you find a loan that fits your needs with these comprehensive
questions.
What are the most popular mortgage
loans you offer?
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 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.
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?
