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What to ask for the answers you need to know
- What are the terms you recommend for my loan?
What percentage down?
What length term? (15 or 30 years eg.)
Fixed or adjustable rate?
What rate do I qualify for?
When will you be able to tell me that?
- Can I prepay all or in part with no fee?
- Will there be a second loan? (same questions as above)
- Why are you recommending this for me and what other alternatives did you consider and dismiss?
- What is the highest the rates could go without my being no longer qualified for this loan?
- How long do you need to get a commitment once I enter into an agreement to buy a home?
- How long will that commitment be good for?
- Can I “buy” the right not to escrow taxes and insurance?
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- Do you charge anything to lock the rate?
- What do I have to do to lock?
- How long is the rate lock good for?
- Can I opt to "float' the rate down if rates decline; after I lock?
- Can I do it right before the closing, or is there a cut-off date?
- If there are 2 of us, can we have just the one with good credit on the loan?
- Can we both own the house in that event?
- Will the non-borrowing party have to sign away ownership rights?
- Do you provide the new HUD GFE and explain which charges can change?
- Have you seen any appraisal issues lately and how have you handled them?
- Do you come to the closing?
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