7 Essential Questions to Ask a Mortgage Lender - Total Mortgage Blog

Abstract

What Type of Mortgage Loans Should I Know About? When it comes to questions to ask a home lender, knowing the types of mortgage products they offer should be at the top of the list. Below is a handful of some of the most common types of mortgage loans that your lender is likely to offer: Conventional loans: These loans are further broken down into several types. How Much Will the Loan Cost Me? Another top question to ask a mortgage lender is how much the loan will cost you. Mortgage lenders might suggest ways in which you can reduce or eliminate the mortgage insurance requirement altogether. If you are getting a conventional mortgage, you can skip purchasing mortgage insurance by making a minimum down payment of 20% of the purchase price. What Is the Loan Estimate? Be sure and ask your mortgage lender about your loan estimate. Explore Affordable Loan Options from Total Mortgage There is no shortage of questions to ask a mortgage lender when it comes to one of the biggest purchases of a lifetime.