Some questions for the lenders
Not only the lenders spend their question for you, you also need to ask them about the information of the loan, it is really important. Because you are the person who is responsible for every aspects of loan. It will help you find the best overall mortgage loan. If you have already selected athe financial individual or institution and are ready to apply, it makes sure that you have the answers to these question.
When you apply for loan, the first thing you concern about is the interest rat on your mortgage, to determine exactly how much you will pay over the term of the loan, you need to know the rate. And you also understand that the rate change quickly and if your credit is less than good, you may not be offered the lender who has lowest figure. Besides, you ask them about the annual percentage rate of the mortgage rate which is higher than initial quoted rate, because there are some fees that are included.
In the last parts, I think you still remember about the discount and orgination points, you make sure that how many of them you will pay. Because the lenders may charge prepaid mortgage interest points to lower your interest rat or other things which do not have any benefit for you and you need to find out how many you will be expected to pay and what kind of points they require you.
The closing cost is also important to know exactly. In the mortgage loan, it often include some kinds of fees and you are the person who need to pay. And you want to know what those fees will be early as possible. The lender is required to provide to give you the detail of closing cost within 3 days of receiving loan application.
As you know the interest rate is always fluctuating from the time when you apply until you close, and to help you prevent it from going up, you have to knock the rate with the lender and also lock the fees. The Rate trend index will help you to understand more about this problem.
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