10 Questions to Ask Your Lender

 

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

 

<!--[if !supportLists]-->1.      <!--[endif]-->What are the most popular mortgage loans you offer?
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<!--[if !supportLists]-->2.      <!--[endif]-->Which type of mortgage plan do you think would be best for us? Why?
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<!--[if !supportLists]-->3.      <!--[endif]-->Are your rates, terms, fees, and closing costs negotiable?
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<!--[if !supportLists]-->4.      <!--[endif]-->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.
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<!--[if !supportLists]-->5.      <!--[endif]-->Who will service the loan? Your bank or another company?
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<!--[if !supportLists]-->6.      <!--[endif]-->What escrow requirements do you have?
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<!--[if !supportLists]-->7.      <!--[endif]-->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?
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<!--[if !supportLists]-->8.      <!--[endif]-->How long will the loan approval process take?
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<!--[if !supportLists]-->9.      <!--[endif]-->How long will it take to close the loan?
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<!--[if !supportLists]-->10.  <!--[endif]-->Are there any charges or penalties for prepaying the loan?

 

Used with permission from Real Estate Checklists & Systems (http://www.realestatechecklists.com).

 

 

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Christopher Howard                                         

Licensed Real Estate Agent

(718) 788-7001          

christopherhoward@fillmore.com     

www.brooklynhabitat.com