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10 Questions to Ask Your Lender
Be sure you find a
loan that fits your needs with these comprehensive questions.
1. What are the most popular mortgage
loans you make? Why?
2. Which type of mortgage plan
do you think would 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 is usually 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?
Used with permission from
Real Estate Checklists & Systems,
www.realestatechecklists.com.
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