Q. I’m seeking financing to purchase a home. What questions should I ask a mortgage lender to get the best deal on a home loan?
A. Before you meet with the lender, learn important financing terms such as origination fee, discount points, and lock period. This way you’ll be prepared to ask relevant questions. Here are some examples:
- Will I be charged an origination fee? If so, how much?
- Will I be charged separate discount points? If so, how much?
- Will I be charged any of these separate fees: processing, document preparation, underwriting, tax service, or flood certification?
- Will there be additional fees at closing?
- Is there a lock period with this loan? If so, how long?
For definitions of these terms and more financing tips, ask for my Free Consumer Report called “7 Secrets For Saving Thousands When Financing Your Home.” I’ll send a copy right to you, while supplies last.
Do you have a question you want answered? Just call me at 602-565-9688. Perhaps I’ll feature it in my next issue!