1 / 13

Mortgage Questions You Need to Ask Before Buying a Home

The process of getting a mortgage might seem tedious to first-time home buyers. Here are some questions you need to ask a mortgage lender before buying a home.

Larajohan
Download Presentation

Mortgage Questions You Need to Ask Before Buying a Home

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. MORTGAGEQUESTIONS YOUNEEDTOASK BEFORE BUYINGAHOME Created By: FastExpert

  2. The process of getting a mortgage might seem tedious to first-time home buyers. But investing some time in finding the best mortgage can save you a lot of money in the long run.

  3. IS MY CREDIT SCORE GOOD ENOUGH? A very good credit score will give you more power in negotiations. You will be able to get a better fixed-rate mortgage or a longer fixed interest rate period on your adjustable-rate mortgage.

  4. HOW MUCH DOWN-PAYMENT CAN I PAY? When you are getting a mortgage loan, it’s better to put down 20% down payment, than pay private mortgage insurance that is usually 1% of the total mortgage.

  5. WHAT KIND OF LOAN IS GOOD FOR YOU? Ideally, the best loan would be a low-interest fixed- rate loan. But in some cases, adjustable-rate loans can turn out to be cheaper in the long run.

  6. WHAT ARE THE INTEREST RATES? Understanding interest rates is important for all mortgage types. For a fixed-rate mortgage, the interest will stay the same for the entire term of the loan, usually 20 to 30 years. For variable rate, your monthly or yearly mortgage payment varies with the interest.

  7. ARE THERE DISCOUNT POINTS AND ORIGINATION FEE? Some lenders charge you an upfront mortgage origination fee. Discount points can be earned by paying a cash amount. 1% of the total loan earns you one point.

  8. DOES THE LENDER ALLOW A LOAN RATE LOCK? For variable-rate and adjustable-rate mortgages, sometimes borrowers and lenders can make an arrangement to lock the interest rates for a specific amount of time.

  9. WHAT’S THE CLOSING COST? The lender is required by law to provide the estimated closing cost to the borrower. The number won’t be exactly the same at the time of actually closing the deal, but it won’t vary a lot.

  10. HOW LONG WILL IT TAKE TO CLOSE THE MORTGAGE LOAN? The typical time frame for this is between 21 to 45 days.

  11. ARE THERE ANY PREPAYMENT PENALTIES? If you plan on prepaying part, or all of your mortgage payment at once, you might incur a prepayment penalty.

  12. Reference Link: https://www.fastexpert.com/mortgage-questions-before-buying-home/

  13. THANK YOU FOR YOUR TIME! CONTACT US (800) 319-0511 https://www.fastexpert.com/ 1343 Gladstone St #208Glendora, CA 91773

More Related