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5 Questions to Ask Your Mortgage Broker or Lender

Always ask questions from your mortgage lender from unanticipated fees to the right type of loan for you, years of your life can depend on the answers you get. Before finalizing anything you should keep in mind that the more your broker knows about you, the better advice, assistance, and accurate information it can give you.

Don't hesitate to share your personal information, including permitting the lender to run your credit report. First of all, ask about which type of loan is best for you? Reputable lenders will especially want to find out more about you before throwing out loan options. You wouldn't expect a doctor to suggest surgery before assessing your medical situation, so choose a mortgage Lender who gathers enough information from you before recommending a loan.

Ask about the interest rate and the annual Percentage rate including Reputable lenders will especially want to find out more about you before throwing out loan options. You wouldn't expect a doctor to suggest surgery before assessing your medical situation, so choose a broker who gathers enough information from you before recommending a particular type of loan.

How much down payment is required and the most suitable answer is 20%. But that’s not mandatory. it all depends on your current situation if you are a well-qualified person You might get away with as little as 3% with some types of loans, but there are pros and cons to this so ask about all your options. Ask about the discount Points and origination fees and what all the cost is. Make sure about the prepayment penalty and Ask about the terms of the prepayment. Some are only in effect during the first two to five years of the loan. Ask if the prepayment penalty would apply if you refinanced through the same lender at a later date.