3 Questions To Ask Your Portage Mortgage Lender
Portage Mortgage Lender – Larry Penilla
You’ve finally decided that you want to buy a new home. Or, you want to refinance your mortgage and get a better rate. Whatever your reason may be, a mortgage lender can help guide you through the process to ensure you reach your goals.
It’s no secret that the mortgage process can be complex. Luckily for you, that’s where a mortgage lender like myself comes in.
So, when it’s time to meet your mortgage professional for the first time, what should you be asking to ensure both you and the lender are on the same page?
1. What is the best loan type for me?
There are several different loan options to choose from. Each has their own benefits and drawbacks, but learning about each of them and how they may work for you is worth the time.
A mortgage professional will tell you about your different loan options, including what an adjustable rate and fixed rate mortgage is, interest-only loans, VA loans, and much more. Think of your mortgage professional as a one-stop shop for information.
2. What is the interest and annual percentage rate?
The APR is determined through a calculation that combines the interest rate and other lender fees. Then, it is divided by term of the loan. This only works for fixed rate mortgages, however, and it’s important to remember that not all lenders calculate APR properly nor do they account for paying off your mortgage early.
If you have an adjustable rate mortgage, you can ask questions such as how often it adjusts, how many times it will adjust per year, and how high it can go.
3. Are there other costs?
Yes, there are, and this is something you should ask your lender directly. There are several fees that could pile onto working with a lender, including an appraisal fee, credit report, taxes, pest inspection reports, escrow and more.
Not all lenders are the same, however, which is why it’s important to identify all the costs upfront with your mortgage professional. A good, honest professional will be direct with you from the very beginning.
Considering refinancing your mortgage, buying that new home, investing in a second property, or renewing your mortgage? If so, a Portage mortgage lender like myself can help.
I treat my clients as if they are family, and everything I do is done with their best interest in mind.
To learn more about how I can help you with your mortgage, contact me today!