Must-Ask Questions When You Get Your Mortgage
Whether you’re buying a house or refinancing, there is more to a mortgage than the rate. Here are eight questions to ask while mortgage shopping. You’ll have to ask yourself some of these questions; others can only be answered by mortgage professionals and insurers.
How long do I plan to stay in the house?
That’s often a hard question to answer. Try anyway because a lot of your decisions depend on the answer.
The answer affects whether you would be better off paying points to lower your rate, whether you should get a fixed-rate or adjustable-rate loan, whether you should accept a prepayment penalty. If you’re thinking of refinancing, the answer helps you decide whether you should refinance at all.
If you have no idea how long you’ll live in the house, keep in mind that homeowners stay in one residence for a median duration of 8.2 years, according to census data. In other words, half of homeowners move within 8.2 years. The other half, naturally, stay in their homes longer. Do you feel “average”? If so, maybe it means you’ll stay home for about eight...
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