You often hear people talk about shopping for a loan, but what questions do you ask while you're shopping? Getting answers to the following questions will help you make an educated decision on the type of loan that best suits you.
- What are the most popular mortgage loans? Which one fits me best and why?
- What is the rate for this loan? Can I lock it in, for how long? If the rate drops can I get that rate?
- Can I get a “good faith estimate” on closing costs? Are they negotiable along with rates, terms, and fees?
- Will I have to buy private mortgage insurance (PMI)? For what term? For this loan?
- What documents do I need for the loan approval process and once it begins, how long will it take?
- Are there penalties for making extra payments or pre-paying the loan?
- Once in escrow, how long will it take to close the loan?
Once you get the information
you need we can review your options and get you that pre-approved loan and
hopefully that home of your dreams.
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