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16 Questions To Ask When Choosing 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?

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.

Loan-specific questions:

  • What would be included in my mortgage payment (homeowner’s 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?

[Sources: National Association of Realtors®, Florida Realtors ®]

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