Obtaining a new mortgage has become increasingly difficult in recent months. Whether you’re trying to purchase a new property or refinance your existing home, loan requirements have become stricter in the face of declining home values, falling buyer demand, and financial market concerns.
Keeping on top of the ever-changing mortgage market can be difficult. So educating yourself is critical. Most people shop around to find the best deal on a home loan. But for many the process is of limited use because they don’t know what to ask. Before embarking down the path to a new mortgage, take the time to identify the questions you’ll need to ask. These questions will help your determine whether the loan is right for your individual situation. Just as importantly, they can provide you with significant insight into the mortgage professional’s intentions and credibility.
1. What kind of mortgage is this?
One of the most fundamental but least often asked questions relates to the type of mortgage you are getting. There are essentially two kinds of mortgages: fixed rate and adjustable rate. Fixed rate mortgages require you to pay the same monthly...
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