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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
offer?
2. Which
type of mortgage plan do you think would be
best for us? Why?
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
usually is 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?
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?
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 (
http://www.realestatechecklists.com).
Reprinted from
REALTOR® Magazine Online by permission of the
NATIONAL ASSOCIATION OF REALTORS®Copyright
2005. All rights reserved.
www.REALTOR.org/realtor
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