Be sure you find a loan that fits your needs with these comprehensive questions.

1. What are the most popular mortgage loans you make?
Why?

2. Which type of mortgage plan do you think would best
for us? Why?

3. Are your rates, terms, fees, and closing costs
negotiable?

4. Will I have to buy private mortgage insurance? If so
how much will it cost and how long will it be required?
NOTE: Private mortgage insurance is usually required if
you make less than a 20-percent downpayment, but most
lenders will let you discontinue the policy when you’ve
acquired a certain amount of equity by paying down the
loan.

5. Who will service the loan? Your bank or another
company?

6. What escrow requirements do you have?

7. How long is your loan lock-in period (the time that the
quoted interest rate will be honored)? Will I be able to
obtain a lower rate if they drop during this period?

8. How long will the loan approval process take?

9. How long will it take to close the loan?

10. Are there any charges or penalties for prepaying
the loan?

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