Questions For Your Lender

By
Real Estate Agent with 702 Ventures Inc
Questions For Your Lender
  •  
    • How often will the interest rate be adjusted?
    • Is there a maximum limit on each rate change?
    • How often will the monthly payment be adjusted?
    • Is there a ceiling on payment adjustments?
    • Can the term of the loan be extended?
    • What is the maximum rate that can be charged over the life of the loan?
    • Is there any potential for negative amortization?
  • Are both fixed-rate and adjustable mortgage loans available?

    What is the interest rate?

    How long can I "lock-in" the financing at the current interest rate?

    Is a float down lock available in case rates drop after I have locked in?

    What are the other fees a lender may charge me in conjunction with my loan?

    Are funds for a second mortgage available?

    On adjustable loans:

    Is there a pre-payment penalty clause? This involves extra charges for paying off the loan before maturity. About 80% of all loans in the United States are paid off early.

    What is the "grace" period? How late can a monthly payment be made before a late charge is assessed? What will happen if a payment is missed?

    If you sell your house, will the new buyer (if he/she qualifies) be able to assume your mortgage at the same interest rate?

    Do you have to pay "points" to get your new mortgage? Usually lenders charge points for the cost of giving you a mortgage loan. A "point" is 1% of the loan.

    Will the lender require mortgage insurance?

    Is the loan serviced locally or is the servicing sold?

    Ask for a written "good faith deposit".

 

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We are here to answer your questions and ease your concerns. There are never any obligations, just free information from an expert real estate team. We are on YOUR side! Get the representation you deserve today. 702-446-7812 or email LasVegasRealEstate@702Listings.com

Las Vegas Real Estate Professionals - Member of the National Association of REALTORS®

We are a full service Las Vegas real estate brokerage office. Our team is dedicated to providing you with assistance in any aspect of real estate within the Las Vegas and Henderson areas. We also provide real time listings of homes for sale on the multiple listing service, Short Sale Help, investment properties, and relocation assistance for those relocating to or within the Las Vegas, Henderson, Boulder City and North Las Vegas areas.

 

Jamie Maxwell - REALTOR®
REALTY360 - Las Vegas
6370 W. Flamingo Rd. # 27 
Las Vegas, NV. 89103

Phone/Fax 702.446.7812

Email LasVegasRealEstate@702Listings.com

Website: http://www.702Listings.com

 

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