Before you buy your home in Moultrie or Colquitt County, you’ll almost certainly want to investigate the mortgage options available to you. Mortgages can be confusing particularly if it’s your first time to take one out, so we’ve put together a list of great questions to ask your lender:
- Can you offer both fixed-rate and adjustable mortgage loans – both have their advantages and it’s nice to compare them side by side to work out what’s best for you
- What is your lock in policy for guaranteeing the same rate and how long will that lock in last?
- Do you have float down lock protection in case rates drop significantly in the future after I’ve been locked in? (Not so important at the moment when interest rates are at a minimum, but this can and will change)
- Are there any other fees associated with my loan? If so how much are they and when are they payable?
- Do you have any funds available for arranging second mortgages (if it’s your first home this may not be relevant at the moment)?
- Are there any penalties for repaying my mortgage early, don’t forget that in the US around 80% of mortgages are paid off early
- What is the grace period associated with my mortgage, a grace period is the amount of time your mortgage provider will allow you to be late with a payment before they impose a penalty
- What will happen if a payment is missed? This is very important some lenders are very strict in there action against late payers
- If I sell my home will the new buyer be able to assume the mortgage and will their payments be locked in at the same rates?
- Is there a points charge to arrange the mortgage – some lenders charge “points” for arranging the mortgage and a point is 1% of your loan value
- Does the lender require mortgage insurance? If so does the mortgage insurance only protect the lender or the home owner as well?
- Will the mortgage be managed and serviced locally or will this be sold on to another location? You should ask for a “good faith deposit” in writing
- What are the closing costs in the entirety for your home purchase?
With these questions in mind you’ll be able to effectively evaluate the mortgage for your new home in Colquitt County or Moultrie City, and don’t forget we can help you find that perfect place for you to mortgage.