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    16 Questions to Ask a Lender

    16 Questions to Ask a Lender
    16 Questions to Ask a Lender

    Loan terms, rates and products can vary significantly from one lending company to the next. Plus, how do you handle closings in the age of COVID-19?

    Here are some general questions:

    • What are the most popular mortgages you offer? Why are they so popular?
    • Are your rates, terms, fees and closing costs negotiable?
    • Do you offer discounts for inspections, homeownership classes or automatic payment set-up?
    • Will I have to buy private mortgage insurance? If so, how much will it cost and how long will it be required?
    • What escrow requirements do you have?
    • What kind of bill-pay options do you offer?
    • Do you do remote closings?
    • Explain the process of closing with social distancing.

    Here are some loan-specific questions:

    • What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?
    • Which type of mortgage plan would you recommend for my situation?
    • Who will service this loan? Your bank or another company?
    • How long will the rate on this loan be locked-in? Will I be able to obtain a lower rate if the market rate drops during the lock-in 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 this loan?
    • How much will I be paying in total over the life of this loan?

     

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    I write often to give you the latest insights on owning a home or property in Fort Lauderdale & the Surrounding Areas.