Mortgage Information
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Mortgage 101
14 General Questions to Ask ALL Lenders
12 Questions to Ask When Getting a Fixed Rate Loan
26 Questions to Ask When Getting an ARM Loan
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14 General Questions to Ask ALL Lenders
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Based on our situation what looks to be the best program for us? Why?
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What is the projected time for processing and closing a loan?
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If PMI (Private Mortgage Insurance) is required, when and how does it go away?
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About yourRatesTermsFees, are they all negotiable?
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What standard underwriting guidelines do you follow? Are there any special underwriting guidelines?
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What is your most popular loan program? Why?
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Who services your loans?
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Six months to a year from now, what will make this loan look good/bad to most borrowers?
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What are your standard and special fees?
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What, if any, escrow requirements exist?
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What if rates go down during the "Lock-In" period?
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Who is our contact person for progress reports?
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What, if anything, do you need from us to get our loan approved?
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Do you have any concerns about our ability to get a quick loan approval?
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12 Questions to Ask When Getting a Fixed Rate Loan
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Interest Rate?
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Total number of points (including the loan origination fee)?
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Annual percentage Rate
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Length- repayment term- of loan?
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How long is the rate quoted guaranteed? Explain
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Is the loan assumable? If yes, explain
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Is there a prepayment penalty?
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Is PMI coverage required? If yes, explain details including initial premium and renewal charges?
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What will my payment (P&I) be?
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What are the estimated closing costs of this loan?
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What fees, if any, do we pay at application? And, when are the other fees paid?
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Will my monthly payments include escrow payments (taxes and insurance)?
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26 Questions to Ask When Getting an ARM Loan
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Initial interest rate?
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Actual note rate?
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Total number of points (including loan origination fee)?
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Annual Percentage Rate?
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Length of Loan?
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Index Used?
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Todays value of said index?
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Margin used?
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Is there a payment cap? Explain
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Does the loan have any potential deferred interest? If yes, explain
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Does the loan have the standard positive amortization? If no, explain
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How often is the rate subject to change?
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Is there a per adjustment interest rate cap? If yes, what is it?
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Is there a lifetime interest rate cap? If yes, what is it?
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Are the caps based off of the note rate or the initial interest rate? Explain
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How long is the rate quoted guaranteed? Explain
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Is the loan assumable? If yes, explain
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Is there a prepayment penalty? If yes, explain
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Is there a conversion fee? If yes, explain
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PMI coverage required? If yes, explain the details including initial premium and renewal charges.
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What will my initial payment (P&I) be?
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Under a worst-case scenario, show monthly payments for the next ___ years.
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What are the estimated closing costs of the loan?
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What fees, if any, do we pay at application? When are the other fees paid? Explain
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Will my monthly payments include escrow payments (taxes and insurance, etc.)? Explain
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Please explain all other details of this program that we have not addressed
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