SigMT Vol12 Iss 3

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Page 105 of 115

SiG MT 106 SIGN ATUREMT's REALTOR TIPS Text By When Choosing a Lender S MT Loan terms, rates, and products can vary significantly from one company to the next. When shopping around, these are a few things you should ask about. General questions: • What are the most popular mortgages you offer? Why are they so popular? • Are your rates, terms, fees, and closing costs negotiable? • Do you offer discounts for inspections, home ownership classes, or automatic payment set-up? • Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required? • What escrow requirements do you have? • What kind of bill-pay options do you offer? Loan-specific questions: • What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)? • Which type of mortgage plan would you recommend for my situation? • Who will service this loan—your bank or another company? • How long will the rate on this loan be in a lock-in period? Will I be able to obtain a lower rate if the market rate 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 this loan? • How much will I be paying total over the life of this loan? QUESTIONS TO ASK

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