What LIES in Your Debt? Click Here To Find Out

Depending on your situation, these questions may vary somewhat, but generally speaking, all prospective borrowers should consider these items at a minimum.

1)  What steps are necessary to “pre-qualify” for a mortgage loan from this lender?  Are there any costs involved during the pre-qualification process?  (e.g. credit report, etc)

2)  Assuming you pre-qualify, what interest rates are available for fixed rate and variable rate mortgages?  Do these rates require a certain down payment, periods of time for repayment?  Is there a pre-payment penalty for any of these offers?

3)  With the recent stimulus package that was passed by Congress, are there any incentives or tax breaks that I may qualify for?

4)  If this is your first home purchase, are there any FHA loans that I may qualify for?  What are the circumstances under which I may be required to purchase mortgage insurance for the lender?

5)  Does this lender have a recommendation on who to work with to procure a title insurance policy for the property you’re considering purchasing?  Often times, the lender may help you get title insurance at a discounted price.  It never hurts to ask, you can always select your own, if you wish.

6)  Last, but not least, are there any other costs associated with the mortgage transaction that have not been fully disclosed or that I may not be aware of?  Please be advised that this is always the most important question.  If takes away the opportunity for the lender to “forget” to mention any associated fees, whether intentional or not.

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