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?

...218 more questions to ask

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.

 
15 questions about the mortgage financing to ask before buying a house