Ten Questions to Ask Your Lender

Be sure you find a loan that fits your needs with these comprehensive questions.

  1. What are the most popular mortgage loans you make? Why?
  2. Which type of mortgage plan do you think would best for us? Why?
  3. Are your rates, terms, fees, and closing costs negotiable?
  4. 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 is usually 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.
  5. Who will service the loan? Your bank or another company?
  6. What escrow requirements do you have?
  7. 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?
  8. How long will the loan approval process take?
  9. How long will it take to close the loan?
  10. Are there any charges or penalties for prepaying the loan?

Used with permission from Real Estate Checklists & Systems, www.realestatechecklists.com.

Courtesy of Mary Lou Ciambriello P.A.,CDPE - Realtor, REALTOR® | Click here for printer-friendly format

Please take the time to call & say "Hello, Mary Lou."

 

PLEASE call me anytime.  If I do not answer the phone,  I am with a client.  My cell is 561.305.7139  and my home office is 561.330.7219.  
Expect to here from me that day or leave me instructions telling me when to call you and I will.


Mary Lou Ciambriello P.A.

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