Buyer's Tips & Articles10 Questions to Ask Your LenderBe sure you find a loan that fits your needs with these comprehensive questions. What are the most popular mortgage loans you offer? Which type of mortgage plan do you think would be best for us? Why? Are your rates, terms, fees, and closing costs negotiable? 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 usually
is 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. Who will service the loan? Your bank or another company? What escrow requirements do you have? 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? 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 the loan? Used with permission from Real Estate Checklists & Systems.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005. All rights reserved. The Leaders Realty P.O. BOX 341773
Austin, Texas 78734 Sheree (512) 431-8591 | Kristee (512) 695-5144 Fax: 512-276-6640 "Charm is deceptive and
beauty does not last,
but a woman who fears the lord, will be greatly praised." ~Proverbs 31:30 |