Mortgage Questions to Ask Your Lender
Buying and financing a home today can be overwhelming. Here
are some questions to ask your lender so that you can make
Are both fixed-rate and adjustable mortgage loans available?
What is the interest rate?
How long can I "lock-in" the financing at the current interest
Is a float down lock available in case rates drop after I have
What are the other fees a lender may charge me in conjunction
with my loan?
Are funds for a second mortgage available?
On adjustable loans:
Is there a pre-payment penalty clause?
- How often will the interest rate be adjusted?
- Is there a maximum limit on each rate change?
- How often will the monthly payment be adjusted?
- Is there a ceiling on payment adjustments?
- Can the term of the loan be extended?
- What is the maximum rate that can be charged over the life
of the loan?
- Is there any potential for negative amortization?
This involves extra charges for paying off the loan before
maturity. About 80% of all loans in the United States are paid
- What is the "grace" period? How late can a monthly payment
be made before a late charge is assessed?
- What will happen if a payment is missed?
- If you sell your house, will the new buyer (if he/she
qualifies) be able to assume your mortgage at the same interest
- Do you have to pay "points" to get your new mortgage?
Usually lenders charge points for the cost of giving you a
mortgage loan. A "point" is 1% of the loan.
- Will the lender require mortgage insurance?
- Is the loan serviced locally or is the servicing sold?
- Ask for a written "good faith deposit".
Leanna Meyer is a Realtor with Re/Max Cross Country and can
help you find Lewisville Texas Real Estate.
Find homes for sale and area information for Flower Mound Texas,
Lantana, and Dallas, TX. Free buyer and
seller reports are available as well as a mortgage calculator, and other
MORE RESOURCES updated Tue. June / 06 / 2023
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