When shopping for a loan that will best fit the buyers needs. Buyers should ask the prospective lender these questions.
1. What are the most popular mortgage loans the lender offers?
2. What type of mortgage plan do you think is best for me and why?
3. Are your rates, terms and closing costs negotiable?
4. Do I have to purchase PMI, private mortgage insurance? If so, how much will it cost and how long will it be required?
5. Who will service this loan?
6. What are the lenders escrow requirements?
7. How long is the loans lock in period? If the rate drops, during that time, will I quality for the lower rate?
8. What is the length of time for the loan approval process?
9. How long will it take to close the loan?
10. Will there be any penalities, fees or charges for early loan payoff?
Malinda Montgomery-Realtor
One World Realty
1250 North Ocean Drive
Singer Island, Florida 33404
Cell 386-290-0095
Office 561-845-1300 Fax 561-844-0350
Comments(3)