7 QUESTIONS TO ASK YOUR MORTGAGE LENDER
1. What is the interest rate?
Make sure to get both the interest rate and the APR, or annual percentage rate, which includes fees and costs.
2. What are the closing costs?
These are fees you will have to pay for the services provided by your lender, such as appraisal, credit report, or survey. These don’t include the down payment, so you’ll need enough funds to cover both.
3. What is the minimum down payment?
The minimum may depend on factors including the loan program you choose. Some programs could be as low as 0% or up to 20% or more, depending on your loan.
4. What documents will I have to provide?
Lenders require several documents, such as bank statements, pay stubs, tax returns, and proof you've been able to manage debt.
5. What are the qualifying guidelines?
There may be requirements you have to meet for your loan regarding employment, assets, income, credit history and liabilities.
5. What will my monthly mortgage payment be?
Your payment is calculated based on factors including your principal, interest, taxes, and insurance. Your lender should be able to provide you an accurate estimate.
6. What could slow down the approval of my loan?
Changing your name, a new job, adjustment in salary, or a last-minute addition or loss in funds can all delay your loan approval. Make sure you tell your lender if you foresee any of these changes from happening to avoid this.
7. What happens if the home appraisal is lower than the price
