The mortgage business is highly competitive with many loan options to choose from. Before selecting a lender, or a loan, here are some questions you should be asking…
- What types of mortgages are available?
- What are the interest rates and annual percentage rates?
- What are the origination fees and discount points?
- What guidelines are used to qualify for this loan?
- Are there any other costs related to the loan?
- Is there a pre-payment penalty?
- What documents will I need to provide?
- How long will it take to process my loan application?
- Will my loan be sold after the closing?
- Will you guarantee the Good Faith Estimate?
- Do you offer rate locks? And, if so, for how long?
Getting answers to these questions will help you fully understand all the terms and conditions of your mortgage.
