Loan terms, rates, and products can vary significantly from one company to the next. When shopping around, these are a few things you should ask about.
1️⃣ What are the most popular mortgages you offer? Why are they so popular?
2️⃣ Are your rates, terms, fees, and closing costs negotiable?
3️⃣ Do you offer discounts for inspections, home ownership classes, or automatic payment set-up?
4️⃣ Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required?
5️⃣ What escrow requirements do you have?
6️⃣ What kind of bill-pay options do you offer?
1️⃣ What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?
2️⃣ Which type of mortgage plan would you recommend for my situation?
3️⃣ Who will service this loan—your bank or another company?
4️⃣ How long will the rate on this loan be in a lock-in period? Will I be able to obtain a lower rate if the market rate drops during this period?
5️⃣ How long will the loan approval process take?
6️⃣ How long will it take to close the loan?
7️⃣ Are there any charges or penalties for prepaying this loan?
8️⃣ How much will I be paying total over the life of this loan?