Here are a few points of concern that you should be asking your Mortgage Lender. These questions will ensure you have chosen the mortgage type that best suits your situation long-term.

  1. What are the most popular mortgages you offer? Why are they so popular?
  2. Which type of mortgage plan do you think is best for me? Why?
  3. Are your rates, terms, fees and closing costs negotiable?
  4. Will I have to buy private mortgage insurance? If o, how much will it cost, and how long will it be required?
  5. Who will service the loan-- your bank or another company?
  6. What escrow requirements do you have?
  7. How long will this loan be in a lock-in period (in other words, what time will that quoted interest rate be honered)? Will I be able to obtain a lower rate if it drops 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 changes or penalties for prepaying the loan?

 

Have any other great questions you think are important to ask a Mortgage Lender? Leave a comment below! 

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Lothian MD Homes for Sale - Genna Fleming, REALTOR® with EXIT ELITE REALTY
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