Questions To Ask Your Mortgage Lender

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To make sure you understand your financing, ask your mortgage lender these questions.   

Applying for a mortgage is a thorough process that will probably require you to push more paperwork than you have for any other personal life event. With all that’s required to get the financing you need to buy a house, you might be tempted to just rush through everything – but don’t. The mortgage you get will be with you for years to come, and it’s important you fully understand it.

Ask your mortgage lender these questions about your home loan to make sure you have clarity about the financing you’re getting.

  • What’s my rate? When you ask this, your lender should show you the annual percentage rate, or APR. Your APR will give you a clear breakdown of your interest rate, plus any points and other expenses that will come with your loan.
  • What are my closing costs? When you close on a loan, you will have to pay your lender, your title company, and other service providers. Fortunately, your lender is required to give you an estimate in writing of these costs within three days after they get in your mortgage application.
  • Is there a prepayment penalty? Are you thinking you might be able to put a little more money towards your mortgage and pay it off more quickly? Don’t, unless you’ve asked about prepayment penalties.
  • What’s my minimum down payment? Talk to your lender about the minimum amount you can put down, and how much you can shave off your interest rate and/or loan term by putting down more.

Getting answers to your mortgage questions is a snap if you work with the right team! For great rates and great service, contact Avis Lending in Irvine, California and Lahaina, Hawaii today!

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