Well, here’s just about everything you need to know about getting a mortgage loan, courtesy of the State of California’s Department of Corporations. The publication includes much more detailed information on each of these. I suggest printing it out and keeping a copy.
1) Do you represent a mortgage broker, mortgage banker or lender, consumer finance company, or a financial institution?
2) If working with a mortgage broker, ask: Are you licensed by the state?
3) What is the interest rate you are offering to me and is it a fixed or variable rate? Is this the best possible rate based on my credit score?
4) Are you locking my interest rate and, if so, for how long?
5) What would be my Annual Percentage Rate (APR)?
6) As a mortgage broker or banker, how much money would you be paid?
7) What other costs besides your fees will be associated with this loan?
8) What is the principal balance of my loan?
9) How much will the monthly payments be? Does this amount include escrow for property taxes and homeowner’s insurance or will I be responsible for paying these expenses on my own?
10) When would my payments be due? What is the grace period?
11) What is the length of the loan? Is there a balloon payment at the end of the loan?
12) Who would be my lender?
13) What are the chances that my loan would get sold?
14) If I pay off the loan early, would I be charged a prepayment penalty?
15) What is the appraised value of the property?
16) If I pay for the appraisal, how do I obtain a copy of it?
17) If I pay for the credit report, how do I obtain a copy of it?
18) Am I required to have Private Mortgage Insurance (PMI)?
19) Who are you planning on using as the title agency? Are you or your company affiliated with the title company? Should I purchase owner’s title insurance?
20) Who do I contact to obtain the closing documents for the loan 24 hours in advance of the closing?
Much more information is available in their publication, 20 Questions To Ask a Lender or Mortgage Broker
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