Top 5 Questions to Ask While Choosing a Home Loan

Not all mortgages are alike, and it’s your responsibility to ask the right questions to sort through the details and get the one that’s best for your situation. As you’re shopping for a home loan, ask these five questions about each loan to help you make your choice.

1. What are the basic characteristics of the loan? Find out the interest rate, whether it is fixed or adjustable, and the length of the repayment term.

2. How much is the monthly payment and can it change? The payment needs to fit in with your household budget, and if the loan has an adjustable rate, you need to know how much the payment amount may change later.

3. Can I see a Good Faith Estimate (GFE) for closing costs? Look over the costs and find out which ones may change on the actual settlement forms.

4. What ongoing costs will I pay on this loan? Many loans require you to pay property taxes and homeowner’s insurance through an escrow account. Some loans require mortgage insurance.

5. Do you think this loan meets my needs? Get the lender’s professional opinion about whether you’ll qualify for the loan and if it’s the best one for you.

Contact Avis Lending today to start shopping for a new home loan or learn about refinance home mortgage options available in Orange County!

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