Home | Bookmark This Page | Stock Market Forum

Next Mortgage Refinance Topic : Mortgage Debt Elimination - The prospect of mortgage debt elimination is something that many Americans are dealing with today. If you are concerned about your current debt situation, constantly trying to eliminate debt from your life, you are not alone.In fact, over half of all American households have trouble meeting their minimum monthly obligations, driving them fur...[ read more]







Google
 
Web stockmarketsblog.com


stock market forum

Mortgage Questions to Ask Your Lender


Buying and financing a home today can be overwhelming. Here are some questions to ask your lender so that you can make informed decisions.

Are both fixed-rate and adjustable mortgage loans available? What is the interest rate?

How long can I "lock-in" the financing at the current interest rate?

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

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

Are funds for a second mortgage available?

On adjustable loans:

  • How often will the interest rate be adjusted?
  • Is there a maximum limit on each rate change?
  • How often will the monthly payment be adjusted?
  • Is there a ceiling on payment adjustments?
  • Can the term of the loan be extended?
  • What is the maximum rate that can be charged over the life of the loan?
  • Is there any potential for negative amortization?
Is there a pre-payment penalty clause?

This involves extra charges for paying off the loan before maturity. About 80% of all loans in the United States are paid off early.

  • What is the "grace" period? How late can a monthly payment be made before a late charge is assessed?
  • What will happen if a payment is missed?
  • If you sell your house, will the new buyer (if he/she qualifies) be able to assume your mortgage at the same interest rate?
  • 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.
  • Will the lender require mortgage insurance?
  • Is the loan serviced locally or is the servicing sold?
  • Ask for a written "good faith deposit".

Leanna Meyer is a Realtor with Re/Max Cross Country and can help you find Lewisville Texas Real Estate. Find homes for sale and area information for Flower Mound Texas, Lantana, and Dallas, TX. Free buyer and seller reports are available as well as a mortgage calculator, and other mortgage information.

Related Products For Download:

Read Next :

Mortgage Debt Elimination


The prospect of mortgage debt elimination is something that many Americans are dealing with today. If you are concerned about your current debt situation, constantly trying to eliminate debt from your life, you are not alone.In fact, over half of all American households have trouble meeting their minimum monthly obligations, driving them fur...

More Articles :
  • Stocks and Mutual Funds
  • Currency Trading
  • Personal Finance
  • Wealth Building
  • Investing
  • Mortgage and Refinance
  • Leases & Leasing
  • Loans
  • Taxes
  • Debt Consolidation
  • Real Estate
  • Small Business
  • Credit
  • Debt Relief
  • Insurance
  • Structured Settlements
  •        

    home | site map
    © 2006-2007 StockMarketsBlog.com