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Ten Questions to Ask Your Lender
Be sure you find a loan that fits your needs with these comprehensive questions.
What are the most popular mortgage loans you make? Why?
Which type of mortgage plan do you think would 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 is usually 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, www.realestatechecklists.com.
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For over 30 years, Beach Club Brokers has offered all types of residences from which to enjoy this unique island city. We offer a wide variety of distinctive Old Town homes and waterfront condominiums to meet all tastes and budgets. Simply fill out and submit this form and we'll be glad to get back with you.
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305.294.8433 | 800.545.9655