Be sure you find a loan that fits your needs

Ask your lender these comprehensive questions:

1. What are the most popular mortgage loans do you make?  Why?
2. Which type of mortgage plan do you think would work best for us?  Why?
3. Are your rates, terms, fees, and closing costs negotiable?
4. Will I have to buy private mortgage insurance? If so, how much will it cost me and how long will it be required?  NOTE: Private mortgage insurance is usually required if you make less than a 20% down payment, but most lenders will let you discontinue the policy when you have acquired a certain amount of equity by paying down the loan.
5. Who will service the loan?  Your bank or another company?
6. What escrow requirements do you have?
7. How long is your loan lock-in period (the time that the quoted interest rate will be honored)?  Will I be able to obtain a lower rate if they drop during the period?
8. How long will the loan process take?
9. Are there any charges or penalties for prepaying the loan?
10. How long will it take to close the loan?

Once you have decided which lender to use it is time to gather up the things a lender needs for you.