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Did you ask these questions? Part 2 of 3
So now that we have started talking about asking questions of your broker on topics other than than just rate, let's keep expanding on that.  All mortgages are not created equally, that is what makes one a different price than another.  What questions should you ask to find out about different loans that are available?  And some questions to find out more about your lender him or her self.1. Is an adjustable rate mortgage a good idea for me?  Why is it or why is it not a good loan for me?1a. If it is an adjustable, when does it adjust? How much can the payment change and are there limits to how much it can change? (What is the worst case scenario? ) 2. Can I see a side-by-side comparison of various program: fixed, adjustable, interest-only or option ARMs?  I do better when I can read things. 3. What is a "non-conforming" loan? 4. What is an "Alt-A" loan?5. If I don't put down 20% I need mortgage insurance, right?  Are their other options available to me?  My friend told me about lender paid mortgage insurance, does that mean you will pay it for me?6. Is mortgage insurance tax deductible?  The tax savings seems to be very small, ... more

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