| Buying a home is an exciting, nerve-wracking, and | | | | to make sure you understand the deal that the |
| emotional process for most buyers. Knowing | | | | bank is offering. Also, read every page of the |
| more about mortgage loans can help reduce the | | | | loan contract and ask for clarification of any |
| stress and increase the anticipatory pleasure of | | | | terms or sections that are unclear. Ask a lawyer |
| finding your dream home. | | | | or real estate specialist to read over the contract |
| Some questions you should ask from any | | | | whenever possible. Don't be shy about telling the |
| mortgage lender are: | | | | loan officer you want to have someone read |
| What is the interest rate and term of the loan? | | | | over the loan paperwork. This is a very common |
| What are points, and how many am I paying? | | | | practice and is quite wise to consider when you |
| How much are the property taxes and insurance | | | | are spending thousands of dollars! |
| for this home? | | | | Finally, after selecting your mortgage and signing |
| Is the interest rate fixed or adjustable? | | | | the papers you need to make that mortgage |
| Will there be a balloon payment due, and if so, | | | | payment a priority. Keep your account in good |
| when is the due date? | | | | standing. Having a solid, on-time payment record |
| Are there pre-payment fees or penalties? | | | | will help your credit rating. In addition, if you ever |
| How does the loan and escrow process work? | | | | decide to refinance, a good credit record is vital |
| These are basic questions you should always ask | | | | to get the best deal. |