10 Questions to Ask Your Lender

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

1. What are the most popular mortgage loans you offer?

2. Which type of mortgage plan do you think would be 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 usually is 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?

Used with permission from Real Estate Checklists & Systems (http://www.realestatechecklists.com).

DISCLAIMER

Information presented on this website, including any online database information, is collected, maintained and provided for the convenience of our customers. While every effort is made to keep such information accurate and up-to-date, No.1 Quality Realty -- Cookeville Division or it's agents do not certify the authenticity of information herein that originates from third parties. No.1 Quality Realty -- Cookeville Division or it's agents shall under no circumstances be liable for any actions taken or omissions made from reliance on any information contained herein from whatever source or any other consequences from any such reliance.

Debra L. Dodd, Owner Dale Wilson Principal Broker,

No.1 Quality Realty -- Cookeville Division, Phone: 931-520-6401 ext. 112

Licensed Realtors in Tennessee

Each Office Independently Owned & Operated