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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 down payment, 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).
Reprinted
from REALTOR® Magazine
Online by permission of
the NATIONAL ASSOCIATION
OF REALTORS®Copyright
2005. All rights
reserved.
www.REALTOR.org/realtor
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