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?

Detroit Price: $12000 Well maintained home! New driveway, porch, and garage in 02. Complete tear off Roof in 99. Bonus 13x9 room upstairs (sitting room). finished hardwood floors throughout the main level and upstairs. Spacious Living Room! Partially finished basement and central air. Buyer to order city inspection and sign acr with city. All Offers Are Subject to Bank Approval!!

Detroit Price: $140000 Gorgeous Home! Remodeled inside and out. Newer roof, furnace, C/A, hot water tank, plumbing,electrical, water softener, sump pump. Glowing red oak floors, dramatic recessed lighting, open floor plan, vaulted ceiling, ceramic in kitchen and baths. Fabulous Master Suite with private bath and walk in closet