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Make sure these questions are answered to your satisfaction when applying for a loan. 1. What is the interest rate? 2. Is the rate fixed? 3. Is my rate locked-in? 4. When does my locked-in rate expire? 5. What type loan is this? 6. What is the term of the loan? 7. Is there a penalty for pre-payment? 8. Who is my contact person? 9. What are your lender fees? 10. What is the monthly rate? 11. What is the wait time to prepare everything? 12. What is the cash-to-close amount in total?
Have copies of the following papers. Residential
loan application Good
faith estimate Truth
in lending Rate
lock confirmation (if it applies)
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