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Be sure you find a loan that fits your needs with these comprehensive questions.
| 1. |
What are the most popular mortgage loans you make? Why? |
| 2. |
Which type of mortgage plan do you think would best for us? Why?
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| 3. |
Are your rates, terms, fees, and closing costs negotiable? |
| 4. |
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 is usually required if you
make less than a 20-percent down payment, but most lenders will let you discontinue the
policy when you’ve acquired a certain amount of equity by paying down the loan. |
| 5. |
Who will service the loan? Your bank or another company?
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| 6. |
What escrow requirements do you have? |
| 7. |
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? |
| 8. |
How long will the loan approval process take?
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| 9. |
How long will it take to close the loan? |
| 10. |
Are there any charges or penalties for prepaying the loan? |
Used with permission from Real Estate Checklists & Systems, www.realestatechecklists.com.
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