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:
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Will you search for the lowest rate and terms for me by any lender?
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Are you a direct lender, mortgage broker or mortgage banker?
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Do you offer a fixed rate loan?
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Do you offer an adjustable rate loan?
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Do you offer a second mortgage?
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Tell me about your first-time buyer programs.
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What are points? What do they do and how much do they cost?
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What are the costs involved in getting a loan?
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What is the benefit to me to work with you?
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What are the steps involved in the loan process?
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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?
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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?
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What is the best loan for my real estate plans?
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