Loan terms, rates, and products can vary significantly from one company to the next. When shopping around, these are a few things you should ask about.
✔ What are the most popular mortgages you offer? Why are they so popular?
✔ Are your rates, terms, fees, and closing costs negotiable?
✔ Do you offer discounts for inspections, homeownership classes, or automatic payment setup?
✔ Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required?
✔ What escrow requirements do you have?
✔ What kind of bill-pay options do you offer?
✔ What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?
✔ Which type of mortgage plan would you recommend for my situation?
✔ Who will service this loan-your bank or another company?
✔ How long will the rate on this loan be in a lock-in period? Will I be able to obtain a lower rate if the market rate drops 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 this loan?
✔ How much will I be paying total over the life of this loan?