Questions to ask Lenders Part I

What are the most popular mortgage loans you make and why?

Which type of mortgage plan do you think would suit us and why?

Are your rates, terms, fees, and closing costs negotiable?

Will I have to buy private mortgage insurance (PMI)? If yes, how much will it cost and how long will it be required? Private mortgage insurance is usually required when less than 20% is put down. Most lenders will let you discontinue the policy when you reach 20% equity by paying down the loan, but you will likely have to initiate that change. Lenders are required to cancel PMI only when 22% equity is reached.

Who'll service the loan, your bank or another company?

More questions to ask lenders next week.

Questions or comments write or email
eugene.dougherty@realliving.com