What type of loan is best for you?
In this section, the bank or mortgage company will clarify the strengths and weaknesses of each type of loan and how each type can fit into your personal circumstances.
What is the interest rate and annual percentage rate?
The company will provide a comprehensive explanation of the interest rate and other related costs and how to calculate the annual percentage rate.
What is the amount of the down payment required for the loan?
The bank or mortgage company will clarify the minimum required down payment amount. It will also outline the positive and negative consequences of making a down payment of less than 20%.
What are discount points and origination fees?
In this section, you will receive an explanation of discount points and origination fees and how they are applied.
What are all the costs?
The bank or mortgage company will provide you with a detailed account of all costs related to the loan, including builder fees, credit reports, property insurance policies, inspection reports, registration fees, and taxes.
Can you lock in the interest rate?
If you expect that interest rates will rise in the future, it may be appropriate to secure a rate lock.
Is there a penalty for paying off the loan early?
Find out if there is a penalty of this type that allows the bank to collect additional interest when the loan is paid off early.
Is the bank equipped to approve loans internally?
Find out if the bank has the capability to internally approve the loan.
What is the time required to gather the required amount?
Learn about the estimated time to gather the required amount.
Do you guarantee closing financing on time?
Talk to the bank about how to handle any pressures that may follow if the loan is not repaid on time by the bank. Know what the bank takes for such cases.
Source: https://www.thebalancemoney.com/questions-to-ask-your-mortgage-broker-or-lender-1798464
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