Aug 29 2017 37430 1

Dated: 08/29/2017

Views: 80

The mortgage loan process can be very confusing and stressful, so we thought we might take this opportunity to share some good questions to discuss with your lender when applying for a home loan:

 

  1. What kind of fixed-rate and adjustable mortgage loans available?

  2. How long can I "lock-in" the financing at the current interest rate and what is the lock-in policy?

  3. Is a float down lock available in case rates drop after I have locked-in?

  4. What are the other fees a lender may charge me in conjunction with my loan?

  5. Are funds for a second mortgage available?

  6. Is there a pre-payment penalty clause? This involves extra charges for paying off the loan before maturity. About 80% of all mortgage loans are paid off early.

  7. What is the "grace" period?

  8. How late can a monthly payment be made before a late charge is assessed?

  9. What will happen if a payment is missed?

  10. If you sell your house, will the new buyer (if he/she qualifies) be able to assume your mortgage at the same interest rate?

  11. Do you have to pay "points" to get your new mortgage? Usually lenders charge points for the cost of giving you a mortgage loan. A "point" is 1% of the loan.

  12. Will the lender require mortgage insurance?

  13. Is the loan serviced locally or is the servicing sold?

  14. What will the total closing costs be?

 

Questions on adjustable rate mortgages:

  1. How often will the interest rate be adjusted?

  2. Is there a maximum limit on each rate change?

  3. How often will the monthly payment be adjusted?

  4. Is there a ceiling on payment adjustments?

  5. Can the term of the loan be extended?

  6. What is the maximum rate that can be charged over the life of the loan?

  7. Is there any potential for negative amortization?

  8. What is the annual percentage rate?

Sincerely, 

Team H&L Miami

Team H&L Miami, Associate Realtors teamhlmiami@gmail.com (305) 345-2188 My Website 3378659, 3378658 Real Estate Empire (305) 592-1588 10200 NW 25th Street, Suite A-100 Doral, FL

This message was intended for 

Unsubscribe from emails like this one | Unsubscribe from all email communication

Powered by Z57 Internet Solutions

Blog author image

Team H and L Miami

Team H&L Miami @ Real Estate Empire Group is a fast growing boutique Real Estate firm established in 2001. It began to revolutionize property sales as well as marketing through brokers, agents, and an....

Want to Advertise on this Site?

Latest Blog Posts

Jul 13 2020 37430 1

Buyers: Are You Ready for a Bidding War? With businesses reopening throughout the country and some experts indicating early signs of a much-anticipated economic recovery, more homebuyers

Read More

Jul 10 2020 37430 1

Americans Rank Real Estate Best Investment for 7 Years Running [INFOGRAPHIC] Some Highlights Real estate has outranked stocks, savings accounts, and gold as the best

Read More

Jul 9 2020 37430 1

Not All Agents Are Created Equal In today’s fast-paced world where answers are just a Google search away, there are some who may question the benefits of hiring a real estate

Read More

Jul 8 2020 37430 1

Best Time to Sell? When Competition Is at an All-Time Low In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell

Read More