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Your Real Estate Classified – Questions for your Lender

For Buyers - Additional Resources

Questions for Your Bank or Lender

Many banks and lenders insist that your real estate taxes be part of your mortgage payment. In this way they can make certain the taxes are being paid. Ask you lender if this will be the case with your mortgage.

Ask which type of mortgage would be best for you and why.

If you put less than 20% down on your property many lenders will require that you be charged for Private Mortgage Insurance (PMI). This charge is added to your monthly mortgage payment. Ask your lender if this is one of their requirements.

Ask approximately how long the loan approval process takes. Keep in mind that the faster you provide them with the documentation they request from you, the faster the process should go.

If the bank offers you a good interest rate and you “lock into it” will they give you a better one if rates change before you close?

Ask if there are any prepayment penalties for pre-paying the loan. If they say ‘yes’ you may want to continue shopping. You always want to have the option of re-financing if mortgage rates drop without paying dearly for paying your existing mortgage off early.

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