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Ever make a list of questions for your doctor? It's a great way to remember to ask things that are important to you. And so it is with your mortgage-related questions.
That's why Real Living Mortgage created this comprehensive list of questions for your lender. Before choosing your lender and making application for your mortgage loan, make sure all these questions are asked – and answered – to your satisfaction.
- Do you offer a fixed-rate loan?
- Do you offer an adjustable rate loan and if so:
- How often will the interest rate be adjusted?
- Is there a maximum limit on each rate change?
- How often will the monthly payment be adjusted?
- Is there a ceiling on payment adjustments?
- Can the term of the loan be extended?
- Can I convert the adjustable loan to a fixed loan at a later date?
- Can I lock in my interest rate? For how long?
- What points can I expect to pay at closing? (Remember, one point is one percent of the loan.)
- What other fees can I expect to pay?
- Are funds available for a second mortgage?
- Is there a prepayment penalty clause?
- Would my loan be open-ended?
- What is the grace period of the loan?
- How late can a monthly payment be made before a late charge is assessed?
- What will happen if I miss a payment?
- Is this an assumable mortgage?
- Do you require me to carry mortgage insurance?
Buying a home is generally a long-term commitment. And getting the loan for it takes both time and energy. You home mortgage consultant can help you fully understand the financial implications of your decision and start you on the way to new home ownership.
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