It is always good to ask questions you have about loans and financing when purchasing a home. Here are 14 questions that you may want to ask a lender:
- Will you search for the lowest rate and terms for me by any lender?
- Are you a direct lender, mortgage broker or mortgage banker?
- Do you offer a fixed rate loan?
- Do you offer an adjustable rate loan?
- Do you offer a second mortgage?
- Tell me about your first time buyer programs.
- What are points? What do they do and how much do they cost?
- What are the costs involved in getting a loan?
- What is the benefit to me to work with you?
- What are the steps involved in the loan process?
- Is there a prepayment penalty with the loan that I will be getting?
How much is the prepayment penalty?
- Can I get an Interest Rate Lock in writing? How long does it last?
- If I got an Adjustable Rate Mortgage, what is the initial interest and what is the cap or margin between the initial and maximum interest rates?
- What is the best loan for my real estate plans?
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