Warning! Home finance has blossomed into an incredibly diverse and complicated industry. This is good and bad. There are at least a hundred ways to borrow the money for your next home now. There are also dozens of ways for lenders to take advantage of you, from hidden charges to prepayment penalties and more.
Let your lender explain all the various home loans and home finance options available. However, when you finally decide on a product you like, ask as many of the following as are relevant to your loan. These are the questions that will protect you.
Home Finance – Questions For The Lender
– What is the interest rate?
– What is the APR (annual percentage rate; includes fees, points and mortgage insurance)?
– What is the initial rate (if it is an ARM – adjustable rate mortgage)?
– What is the highest the rate can go to next year (ARM)?
– What are the annual and lifetime caps on the interest rate and payment (ARM)?
– How often is the rate or payment adjusted, and when (ARM)?
– What index is the rate based on (ARM)?
– What margin is added to...
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