Questions to ask your mortgage broker or lender
Questions to Ask Your Lender or Mortgage Broker
- What loan programs and options are available to me?
- Will my loan be Conforming, Super-conforming, or Jumbo?
- What type of loan is available to me? Adjustable, Fixed, or a hybrid?
- What loan program would be best for my situation?
- So I qualify for any special programs such as Below Market Rate Units, Mortgage Credit Certificate Programs, Mayor’s Office of Housing Programs, or FHA programs?
- Will private mortgage insurance be required in my loan? How much will it cost?
- How long is the approval process?
- What information is necessary to get my approval?
- What documents are necessary from me to approve my loan?
- How much will be closing costs be? What will they include?
- How much are your fees, and who pays them?
- How much is a loan lock, and how long is it good for?
- If rates go down during the escrow period, will I be able lower my rate?
- How long will it take to close my loan?
- Is there are prepayment penalty on my loan?
- How long?
- How much will the penalty cost if I pay my loan off early?
- Who will service my loan?
Finding the right financing for you does not have one answer; there are many different options which may work for your situation. The above is broad in scope, and may not cover your specific situation; please consult a mortgage broker and/or accountant to help you in your financing goals.