Ten 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.

Courtesy of Diane Butler, New York License #10351209241 Licensed in New York and Pennsylvania, REALTOR® | Click here for printer-friendly format

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A new look for a long standing career.  Diane C Butler has been in the real estate business for the past 27 years and has extensive knowledge of the local market place. Helping to serve the NY and PA communities with personal hands on full service real estate.

Here at Diane C Butler Real Estate , no question is too small or problem too big. We are here to help through the complicated process of marketing your most valuable asset....your home and your family's investment.

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