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.
