Questions for Your Mortgage Lender
When you set out to get a mortgage you need to make sure you are getting the best deal. This comes around when you ask your mortgage lender all the right questions. The answers that the lenders provide will give you some insight into how the mortgage process will be handled. Don�t be shy; you need to ask questions. Here are some to help you out.
What Interest Rate Will I Be Paying?
This will be the way that you actually get a true idea of what you will be paying over the life of the loan. You generally will not be offered the lowest figure possible right away. So do not come in and accept whatever they offer automatically. Once you get the rate then you need to compare it with other companies to see who has the best deal.
How Long Will My Application Take to Process?
You want to know how long you will have to be waiting around. There are some factors that come into play. Things can get backed up if their business is really moving. The general idea is that lenders will say it takes about 2 weeks. It is more reasonable to think that it can take as long as 60 days.
What is the Minimum Down Payment?
This will usually be between 3 to 20 percent of the overall buy price. If you put more money down in the beginning, then you may find that you can pay less of a rate. On the other side, if you pay too little then you will probably be required to get mortgage insurance. But know how much of a down payment they are expecting from you.
How Much are the Closing Costs?
The more you know about all the fees the better. So you will want to figure this out as quickly as possible. Mortgages will come with fees and services that the lenders offer. Lenders are required to give you an estimate of how much those closing costs will be. This needs to happen within three days of getting your loan application.
Get Answers You are Comfortable With
If the lender does not give you the answers you feel comfortable with, then go to another lender. A mortgage is something you really need to take seriously. Do not settle for something you are not completely on board with. Ask the questions and keep searching until you find the right mortgage lender for you.
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