Questions you should be asking your mortgage lender before getting a loan?
First question to ask your mortgage lender is what type of loan I am getting from your mortgage company; Conventional, FHA, VA Etc.
What will the monthly payment be?
Is that payment per month, every month for the live of the loan?
Could it be increase?
If so what would my new payment be?
Could my monthly payment increase for more than one time? If so what is the main reason for the increase?
Does my monthly payment include an escrow to pay my homeowner insurance, and to pay my property taxes?
Or must I pay these costs the taxes and insurance on my own?
If I must pay the taxes and insurance on my own, can you give an estimate, so I can budget for these expenses accordingly?
What are the terms of my loan/mortgage? (For example, is it a 30 years fixed loan, or 15 years fixed loan; is it adjustable mortgage or fixed mortgage? How many payments will I have to make for the life of the loan? Is it 360 payments? Is it more payments, less payments? I would like to know?
If the loan/ mortgage were paid off at the end of the loan term, would I still owe a "Balloon payment"?
Do I have pay prepayment penalties to refinance my home, or if I decide sell my home, or pay off my loan/ mortgage early?
If so, how much?
Does my loan have a introductory teaser interest rate, can I refinance without paying prepayment penalties before my interest rate resets or adjusts and my loan /mortgage payments increases?
Make sure the loan/mortgage originator is licensed by the State of Colorado, also ask him/her for the license number and verify it by Colorado real estate commission!
Make sure you only speak to someone who can verify that they are licensed by the State of Colorado or otherwise are exempt from licensures by the State of Colorado for being part of a national bank or lender!
Here are some consumer tips to help you verify the loan/mortgage originators are licensed by the State of Colorado.
License look-up, can be accessed by clicking of the following web site.
By clicking on the button labeled search licensee.
http://www.dora.state.co.us/real-estate/
This is just FYI only!
Thanks
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