Questions to ask
1. What is the interest rate?
2. What are the closing costs?
3. How many points will I have to pay?
4. What are the qualifying guidelines for this loan?
5. What documents do I have to provide?
6. How long will it take to process my application?
7. What might delay the approval of my loan?
8. What index will the interest rate be based on?
9. Will the interest rate change be fixed or adjustable?
10. Where can I lock in the interest rate and what will it cost me?
11. Is there a prepayment penalty?
12. Will I need to escrow insurance and taxes?