Buying a home is a major financial commitment. Understanding what to ask when buying a house can help ease the home buying process. Explore these 15 questions before you choose a lender:
- What are the most popular mortgages you offer? Why are they so popular?
- What fees are included in a loan; and what fees will be due at closing?
- Are your rates, terms, fees and closing costs negotiable?
- Do you offer discounts for inspections, home ownership classes or setting up automatic payments?
- Will I have to buy private mortgage insurance? If so, how much will it cost and how long will it be required?
- What are your escrow requirements?
- What bill-pay options do you offer?
- 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 the any charges or penalties for prepaying this loan?
- How much in total will I be paying over the life of this loan?
Are you ready to buy your next home? Contact me today!