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MT
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SIGN ATUREMT's REALTOR TIPS
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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
