Buying a home is exciting and also extremely overwhelming. You probably already have a long list of questions to ask your lender. However, we have some important questions we want to make sure you include on this list so you don’t miss out on helpful information!
1. Which Type of Mortgage is Best for Me?
There are conventional loans, fixed-rate mortgages, adjustable-rate mortgages, and more. Your lender will be happy to explain each of these and why one will be better for you over others.
2. Do I Have to Pay Mortgage Insurance?
Are you putting down less than 20% towards your mortgage? If so, you will most likely be paying mortgage insurance.
Be sure to ask your lender how much the insurance will cost you. It’s also always worth an ask to see if there are other options, such as a loan program that doesn’t require mortgage insurance.
3. What Will My Monthly Mortgage Payment Be?
Along with this, it’s also a good idea to ask if there are any penalties for paying off your mortgage early.
4. What Are My Estimated Closing Costs?
We recommend checking with your lender to see how much you will owe in closing costs so you are fully aware of how much you’ll need to provide. If you are worried you won’t be able to cover all of the closing costs, you can also try to negotiate certain fees and even see if the seller will cover some of the fees.
5. How Long Does the Process Take?
We suggest keeping an open line of communication with your lender so you both can explain what you need from one another. This helps keep the process smooth, and won’t cause the process to slow down because of missed paperwork and so on.
If you’re ready to ask any of the above questions, or have more questions of your own, Team Crescenzo will be more than happy to help. Contact us today!