Choosing a Lender
What to ask for the answers you need to know
- What are the terms you recommend for my loan?What percentage down?
What length term? (15 or 30 years eg.)
Fixed or adjustable rate?
What rate do I qualify for?
When will you be able to tell me that?
- Can I prepay all or in part with no fee?
- Will there be a second loan? (same questions as above)
- Will I have to pay PMI?
- Why are you recommending this for me and what other alternatives did you consider and dismiss?
- What is the highest the rates could go without my being no longer qualified for this loan?
- How long do you need to get a commitment once I enter into an agreement to buy a home?
- How long will that commitment be good for?
- Can I “buy” the right not to escrow taxes and insurance?
- Can I use money from my Roth IRA towards the purchase?
- Do you charge anything to lock the rate?
- What do I have to do to lock? Is an email ok?
- How long is the rate lock good for?
- Can I opt to “float’ the rate down if rates decline after I lock?
- Can I do that right before the closing, or is there a cut-off date?
- If there are 2 of us, can we have just the one with good credit on the loan?
- Can we both own the house in that event?
- Will the non-borrowing party have to sign away ownership rights?
- Do you provide the new Closing Disclosure and explain which charges can change?
- Have you seen any appraisal issues lately and how have you handled them?
- Do you come to the closing?
“Groups such as the Consumer Federation of America and AARP recommend using buyer’s agents.”
“Sage Realty not only helped me find my new home, they put me in touch with the right mortgage company to get me qualified at a great rate. You will always be a top priority at Sage.”
– R. Kelley, Ardmore, PA