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<p><strong>Courtesy of Jimmie Van Hooser your REALTOR®  - 931-320-2142 </strong></p>
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<h2><strong>10 Questions to Ask Your Lender</strong></h2>
<p><br /> <strong>1.</strong> What are the most popular mortgages you offer? Why are they so popular?<br /> <br /> <strong>2.</strong> Which type of mortgage plan do you think would be best for me? Why?<br /> <br /> <strong>3.</strong> Are your rates, terms, fees, and closing costs negotiable?<br /> <br /> <strong>4.</strong> Will I have to buy private mortgage insurance? If so, how much will it  cost, and how long will it be required? (NOTE: Private mortgage  insurance is usually required if your down payment is less than 20  percent. However, most lenders will let you discontinue PMI when you’ve  acquired a certain amount of equity by paying down the loan.)<br /> <br /> <strong>5.</strong> Who will service the loan — your bank or another company?<br /> <br /> <strong>6.</strong> What escrow requirements do you have?<br /> <br /> <strong>7. </strong>How  long will this loan be in a lock-in period (in other words, the time  that the quoted interest rate will be honored)? Will I be able to obtain  a lower rate if it drops during this period?<br /> <br /> <strong>8.</strong> How long will the loan approval process take?<br /> <br /> <strong>9.</strong> How long will it take to close the loan?<br /> <br /> <strong>10.</strong> Are there any charges or penalties for prepaying the loan?<br /> <br /> <em>Used with permission from Real Estate Checklists &amp; Systems, </em><a href="http://www.realestatechecklists.com/" target="new"><em>www.realestatechecklists.com</em></a><em>.</em></p>
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