www.FindAzProperties.com - Important 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 and why?

• Which type of mortgage plan do you think would best for us and 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% 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.

• 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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