Miami real estate news and information

Questions For Your Lender

 

ABC's_of_financing

There are some things you should ask your lender when you are looking to purchase a new home.

  • What kind of loans do they offer?
  • What kind of loan do they recommend? What are the advantages and disadvantages of the loan structure?
  • What’s the current mortgage interest rate? Is the rate quoted the lowest for that day or week?
  • What’s the APR (Annual Percentage Rate) of an offered loan?
  • Is the loan rate fixed or adjustable?
  • What are the Origination Fees or Discount Points?
  • What are all the costs?
  • If it’s an adjustable rate, how will the rate and loan payment vary?
  • What are the guidelines to qualify for the loan?
  • What’s the lender’s required down payment for the loan?
  • What documents will you need to provide?
  • What are the closings costs?
  • Will the lender guarantee the GFE?
  • Does the lender offer a loan rate lock and is there a fee for that rate lock?

There are many things involved in purchasing a new home, but this is a good place to start. The Restivo Team can help you locate a lender and find the perfect home. Contact us today.

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