Join NAR’s commemoration of the Fair Housing Act. Watch this video to learn about the law, how it makes our industry and country stronger, and the work that is still to be done. We ask all members of the REALTOR® family to join us in this commemoration and stand together with us in this commitment.
Loan terms, rates, and products can vary significantly from one company to the next. When shopping around, these are a few things you should ask about.
- What are the most popular mortgages you offer? Why are they so popular?
- Are your rates, terms, fees, and closing costs negotiable?
- Do you offer discounts for inspections, home ownership classes, or automatic payment set-up?
- Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required?
- What escrow requirements do you have?
- What kind of bill-pay options do you offer?
- What would be included in my mortgage payment (homeowners insurance, property taxes, etc.)?
- Which type of mortgage plan would you recommend for my situation?
- Who will service this loan—your bank or another company?
- How long will the rate on this loan be in a lock-in period? Will I be able to obtain a lower rate if the market rate drops during this period?
- How long will the loan approval process take?
- How long will it take to close the loan?
- Are there any charges or penalties for prepaying this loan?
- How much will I be paying total over the life of this loan?