15 questions about the mortgage financing to ask before buying a house
Are you researching for a mortgage for the house you are about to buy? Then don't forget to ask these 15 mortgage-related questions in your due diligence:
Mortgage financing questions
- What will the banks' appraisal be vs. the sales price?
- What type of loan will work best for you?
- What is a realistic interest rate (APR) you'd be having to pay?
- How much down payment is required to get a mortgage?
- What fees are associated with obtaining a mortgage (i.e. origination, appraisals, the title policy, credit reports, inspection for pests, escrow, etc.)?
- Does the mortgage bank impose a prepayment penalty?
- Can you get the interest rate locked in?
- How long does the loan processing take?
- Do they guarantee on-time closings?
- What will happen if the appraisal comes in lower than you'd expected?
- Do you qualify for any down payment assistance programs?
- Are you required to pay any mortgage insurance?
- What will your monthly payment be?
- Are you able to refinance the loan if the interest rates drop lower?
- How long will the loan run for until it closes?
If you need more inspiration for relevant questions to ask, when buying a house you will benefit from reading the 233 questions to ask before buying a house white paper.
