10 Questions To Ask Your Lender - CT Real Estate Article

10 Questions To Ask Your Lender

Be sure you find a loan that fits your needs with these comprehensive questions.

1. What are the most popular mortgage loans you make? Why?

2. Which type of mortgage plan do you think would best for us? Why?

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

4. Will I have to buy private mortgage insurance? If so how much will it cost and how long will it be required? NOTE: Private mortgage insurance is usually required if you make less than a 20-percent downpayment, but most lenders will let you discontinue the policy when you've acquired a certain amount of equity by paying down the loan.

5. Who will service the loan? Your bank or another company?

6. What escrow requirements do you have?

7. How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during this period?

8. How long will the loan approval process take?

9. How long will it take to close the loan?

10. Are there any charges or penalties for prepaying the loan?

Used with permission from Real Estate Checklists & Systems, www.realestatechecklists.com .

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© Christopher Rich, Connecticut's Gay Realtor - 2005

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Christopher Rich is a full-service, gay Connecticut real estate agent providing real estate services to the GLBT (gay, lesbian, bi and transgendered) community. Christopher specialized in Fairfield County and New Haven County real estate, but can assist clientele throughout CT. Some of the many services that he can provide for you include a FREE home buyer and seller consultation, Community information, a FREE Comparative Market Analysis of your home, home buyer and seller representation, real estate listing and marketing services, MLS listing and searching including daily email notifications, mortgages, insurance, title and settlement services , home warranty programs, relocation, HOMEefficient Moving™ In services and more.

Some of the Connecticut cities that Christopher services include Bethany, Bethel, Bridgeport, Brookfield, Cos Cob, Danbury, Darien, East Haven, East Norwalk, Easton, Fairfield, Greenwich, Hamden, Milford, Monroe, New Canaan, New Fairfield, New Haven, Newtown, North Haven, Norwalk, Old Greenwich, Orange, Oxford, Redding, Ridgefield, Shelton, South Norwalk, Southbury, Southport, Stamford, Stratford, Terryville, Trumbull, West Haven, West Norwalk, Weston, Westport, Wilton and Woodbridge.

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