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10 Questions to Ask Your Lender
1. What
are the most popular mortgages you offer? Why are they so popular?
2. Which
type of mortgage plan do you think would be best for me? 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 your down payment is less than 20 percent. However, most lenders will let you discontinue PMI 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 will this loan be in a lock-in
period (in other words, the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if
it drops 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?
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Diana Daily
972-897-0076
Tammy Baldwin
972-679-1483
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