Be sure you find a loan that fits your needs with these comprehensive questions.
- What are the most popular mortgage loans you offer?
- Which type of mortgage plan do you think would be best for us? Why?
- Are your rates, terms, fees, and closing costs negotiable?
- 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 usually is required if you make less than a 20 percent downpayment, but most
lenders will let you discontinue the policy when you’ve acquired a certain amount of equity by paying down the
loan. - Who will service the loan? Your bank or another company?
- What escrow requirements do you have?
- How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to
obtain a lower rate if they drop during this period? - How long will the loan approval process take?
- How long will it take to close the loan?
- Are there any charges or penalties for prepaying the loan?
Used with permission from Real Estate Checklists & Systems (http://www.realestatechecklists.com).
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005. All rights reserved. www.REALTOR.org/realtormag
client's needs, and I work
to realize their dreams as
if they were my own.
Mag Francois
